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Objective: To increase your deductions and protect them from IRS attack Poor record-keeping, nonexistent receipts, late tax filings, and improper accounting of business expenses can result in lost tax deductions, interest and penalties, and an audit of the entire business by the IRS. This Resource Report is a comprehensive review and update on one of the biggest headaches for business owners, executives, and their families: accounting for business travel, meals, entertainment, and auto expenses. It also impacts the expense accounts of all company employees. If the IRS audits your books, at the top of its checklist are travel logs, entertainment expenses, personal use of company-owned autos, and the recordkeeping requirements. Formal charges of noncompliance usually are made several years afteryou’ve filed your tax returns so the retroactive taxes, interest, and penalties can be substantial, many times double and triple the tax bill. This Resource Report reviews more than 30 tax facts and alerts on travel, meal, auto, and entertainment expenses to help you substantiate your claims in these areas; plan for this year; avoid lost deductions, tax assessments, penalties and interest, and stay out of trouble with the IRS. Other topics: Special rules for owners and executives, recordkeeping requirements, personal use of company autos, ideas to save money and taxes, combining business and personal trips, how to maximize your deductions, and much more. |
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Price: $39.00 | Pages: 18 |
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