What if I didn t keep any of my records or receipts?
The IRS allows reconstruction of your income and expenses based on economic realty (income you reasonably would have made and reasonable expenses you would have had to support yourself and/or family) and on “Industry Standard”. If you are a self-employed plumber they have statistics on the average income and expenses for self employed plumbers and will use those statistics as a guide.
Related Questions
- We do not have any records or receipts for the waste quantities that were placed in our landfill before 2000, how do we estimate historic waste quantities before that year?
- What kinds of records or receipts will I need for the Florida Lemon Law process?
- What if I didn t keep any of my records or receipts?
