In the end, the most important point to remember is that the onus of legally filing the company’s taxes falls on the entrepreneur. The most important step that an entrepreneur can take is to develop a system to ensure that all of the paperwork needed to verify the expenses generated over the course of the year are kept organized. Keeping receipts in a shoebox is not an effective solution; moreover, filing receipts without noting the associated purpose of the purchases will lead to the nightmarish task of recalling the purpose of every excursion made over the last year. Annotating receipts and filing them in an intuitively labeled filing system is the best measure to take to save countless hours of frustration at tax time. Additionally, in the event that your company is audited, you will be in a position to readily provide documentation for every detail of your tax filing.