If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Record details about expenses as soon as possible after they’re incurred (for example, the date, place, business purpose, etc.). Keep more than just proof of payment. Also keep other documents, such as receipts, credit card slips and invoices. What if your records are destroyed in a fire, flood or other casualty? There may be a way to reconstruct them but you must follow certain rules. Questions about record keeping? Check with us.