Get Back On Track
Taxpayers should claim every deduction to which they are legally entitled when they complete their tax returns every winter. As keeping up with the tax law changes can be almost a full-time job, many taxpayers rely on their tax professionals to notify them of what is and is not deductible. Sometimes, due to the timing of communications, things get lost. However, if taxpayers keep good records, isolate the way in which they pay their business expenses, and record their business income, they will not only get all their deductions, but will have written their own IRS Audit Survival Guide.
This article is designed to provide self-employed taxpayers a general structure for organizing their records. Future articles will provide examples and explanations of expenses of which self-employed taxpayers should be aware.
Tracking Business Expenses—Keep Those Receipts!
It is important to know which expenses are deductible for business purposes and/or personal purposes (such as real estate taxes—but not on the same property) and which are deductible only for business purposes, such as non-mortgage loan interest. The second part of tracking business expenses is knowing what type of documentation (receipts) the Internal Revenue Service believes supports a specific type of deduction. The first line of defense is always, practically speaking, receipts, receipts, receipts.
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