To help justify your business expenses, it’s important to keep careful business records. Here are some DOs and DON’Ts based on a recent court case.
records
Your Weekly Read
Tax Court case provides lessons on best recordkeeping practices for businesses
Recordkeeping may not be glamorous, but it’s one of the most powerful tools to protect your business and maximize tax benefits.
Still have income tax questions? You’re not alone
Just because you filed your 2024 tax return doesn’t mean your income tax questions stop. Here are some answers.
What tax records can you safely shred? And which ones should you keep?
After filing, you may want to discard tax records. But don’t throw away documents you might need in the case of an IRS audit.
From flights to meals: A guide to business travel tax deductions
If you’re a small business owner, you want to take full advantage of the tax deductions allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!
How your business can prepare for and respond to an IRS audit
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. See how to prepare for an IRS audit.
When can business travel expenses be deducted?
The rules surrounding tax deductions for business travel are complex. Here are some of the things you need to know.
Keep these 3 issues in mind after filing your tax return
Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.
If you have charitable contributions, make sure you have substantiation
Did you make a charitable gift last year and are hoping for a tax break when you file your return? Here are the donation rules to secure a deduction.
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021...
Now more than ever, carefully track payroll records
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed, and, in some cases,...
What tax records can you throw away?
What tax records can you throw away? October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go...
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