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Power Skill

Workplace Skills: Record Keeping

Record keeping is an important part of small business ownership, and it can be costly if it isn’t done properly. There are lots of tax deductions out there for small business owners, but the IRS requires business owners to keep detailed records. If you claim deductions and then get audited and can’t produce the records, you won’t just bear a bigger tax burden—you’ll face stiff penalties for the oversight.

So how can you improve your record keeping and maximize your potential deductions?

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