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Message:: [QUOTE="ldhair, post: 26669659, member: 11540"]A small business has options on keeping track of profit. The owner of one of the shops I worked in was a CPA and he never had a problem with the IRS. He did not keep track of the profit on every coin.He kept a running balance on everything in the shop based on his cost. He had a simple ledger and recorded sales, purchases and cash on hand. From this he could figure his profit before expenses. As far as receipts. Most dealers will give you a receipt on a large purchase but don't care to on small purchases. Most will if you ask. As a collector you need proof of what you paid on everything you sell. From what I understand, the IRS will not give you a hard time over small amounts but they can if you tick them off. Just having good records of your own go a long way in having a happy ending to an audit. It would be cool for folks to ask their CPA or tax service and report back on what they have to say.[/QUOTE]