Tax deductions are a big deal to both the Internal Revenue Service (IRS) and the individual. Taxpayers often consider the requirement of paying personal income taxes to be an onerous burden that can be greatly mitigated through the use of deductions. In recognition of this fact of life, the IRS has established a standard of proof of claimed deductions known as “adequate records.” Deductions are normally allowed without question as long as adequate records are maintained to prove each deduction’s legitimacy. Read more →