By Barry G. Fowler, EA on 2014-06-19
Tips to Audit proof your tax records.
Every Taxpayer we talk to hate the keeping records part of the tax system, but it’s critical to your tax health.
It’s also important to your business health. Good records help you monitor and improve your business.
We never depend on the IRS for mercy when it comes to tax records. There is never the word “Mercy” with the IRS, it’s just not in the tax code. You have no choice but to get your records right.
Getting your tax records right is not difficult when you know what to do.
Here are a few tips from the Experts at Taxation Solutions:
1. Do not commingle activities in your checking accounts maintain a separate account for your Trucking business.
2. Record deductible expenses daily. We heard you screaming when you heard the word Daily it’s a good rule of thumbs so you remember the reason for the expenses.
3. Record required details of Travel & entertainment. Regardless of business form, you need to prove, for each day of travel, where you were and why. For entertainment, you need to record who, what, when, where, why, and how much, can be done with just a short note on the receipt.
If you have a business you should make recording keeping a priority! Since you are the core of the business probably sales service manager etc. let the professionals handle the bookkeeping for you. (704) 323-6302.
If you are being Audited or need Tax help Contact us today for a free consultation (704) 323-6302 on how we can assist you with your Audit, taxes, bookkeeping or even settling your back taxes with the IRS.