What will you do if they do a loan audit in 3 months find out you lied on the application and call your loan due??

I'd even go so far as to hire an outside  accountant to audit the books.

The IRS decides to audit Ralph, and summon him to the IRS office.The IRS auditor is not surprised when Ralph shows up with his attorney.The auditor says, “Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling.

The only thing a CPA license allows you to do that an EA doesn't is Audit financial statements for publicly traded companies.

Like most things it's about risk and how it will look if you are questioned/audited on it.

You can't blindly pay out amounts or assign costs at whim, there needs to be some related expense with an audit trail for each line item.

I am assuming it wouldn't be an issue (if I were to get audited or something) to only have electronic versions of my receipts, but if that's wrong please let me know!

Another option would be to order an energy audit which would tell you where heat loss is occurring.

At 25 she quickly realized that he made a LOT more disposable "cash" from REI than the o/head heavy corp she manages the finances & audits for.

Although it's "garbage in, garbage out", as long as it is used properly, regularly, and in good faith it meets the contemporaneous records requirement for mileage.One of the lowest hanging fruits in an audit is disallowance of mileage which is not supported by contemporaneous reports, or for which the reports don't appear to be contemporaneous.