Adequate record of business expenses

In order to claim a deductible business expense that is both ordinary and necessary to perform your job, you must be able to justify the expense and provide evidence of payment. In order to justify the expense you should provide written documentation to substantiate the cost, the date of purchase, the place or description of the expense along with its’ business purpose. Proof can be documented in a notebook and cost can be substantiated with a receipt, cancelled check, paid invoice. For more information and articles on deductible business expenses for professional athletes please check out our news section.

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