Build a Burden-of-Proof Record System
Design a recordkeeping system that links each tax item to proof, owner, and retention logic.
Good records are not a filing-season cleanup. They are a control system. What the record must prove A tax record should support the item on the return. For income, it shows source and amount. For deductions, it shows amount, date, business or qualifying purpose, and any special substantiation. For basis, it shows what you paid, what you improved, what you sold, and what changed the value. Why ownership matters Most record systems fail at the handoff. The person who buys the item may not be the person who books it. The person who knows the business purpose may not be…
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