Last updated:
November 6, 2023
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It's no surprise that self-employed individuals strive to minimize their taxable income as much as possible. A frequently asked question is whether they can claim the standard deduction while still deducting business expenses.
Both small businesses and individuals are legally required to retain receipts and invoices for a minimum of seven years. Typically, this meant stacks of papers on your desk or in filing cabinets, which took up a lot of space but served little another purpose than to sit there and store documents.
Finances are one of those things that can easily become a real hassle; they’re tedious and time-consuming, sometimes even catch us off guard. Technology can help take the burden off our shoulders – all thanks to automated financial management.
Receipts can be misplaced, damaged, or illegible, causing undue stress for business owners. Fortunately, there is a simple solution to this problem: paper receipts are unnecessary.