April 8, 2014
If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up to an IRS audit. Besides, audits are often a year or so after the events which make it more difficult to recall what took place if you don't have proper documentation.
The easiest way to keep good records is to do so near the time the expense was incurred. Consider using a large envelope for each trip to keep all receipts and other trip information. Take a few seconds to write the business purpose and/or customer names on the back of appropriate receipts. If you are lacking a specific receipt, write your account of the event, the date, and the money paid out and save it along with your other travel documentation. Take time also to document the business miles travelled.
If you maintain an expense report on a weekly basis for the expenses of that week, it will be considered a timely kept record for IRS purposes. If you account to your employer under an accountable plan, the rules are different.
For assistance in setting up a record system for your business travel, please contact us.
June is national safety month, and it never hurts to remind your clients and community that safety always comes first. Our goal with this blog is to help you augment your marketing initiatives with a few ideas around safety. While we can’t cover every industry in a single post, we hope that you find the tips below useful and that they spark some innovative new marketing ideas!
It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help: