Think I May Be In Trouble!!! Lost A Box Of Receipts!! HELP!!

[Unregistered]

I am so embarrased, posting unregistered.

I have lost an entire box of receipts for this year! Long story, but now trying to figure out how in the world I am supposed to recreate 1/2 a year of bookwork!

I am trying to pull together what I can. I have been in business over 22 years and this is a first for me!

What do I do??? Can I use an average from the last several years returns to come up with what can not be created?? I just don;t know what to do!

HELP!!!

[TomCopeland]

receipts

Do the best you can to recreate your records. For example, if you spent $50 a month on cleaning supplies for the months you do have records, assume you spent $50 a month for the other months. Use cancelled checks and credit card statements to help you estimate expenses. Use previous years' records to help estimate for this year.

[Unregistered]

Thanks Tom,

I will do my best and do have statements so that will help. What is I ever get audited though. Will I be in major trouble on that end??

[TomCopeland]

audit?

Thanks Tom,

I will do my best and do have statements so that will help. What is I ever get audited though. Will I be in major trouble on that end??

You should be okay if you get audited.
If you do get audited, contact me and I will help.