Navigation Links
Time for New Year’s Resolutions, Add Better Tax Records to the List
Date:12/27/2012

Colorado Springs, Colorado (PRWEB) December 27, 2012

There are several acceptable IRS techniques for maintaining tax records. Each has its advantages, and taxpayers might find success in using a mixture depending on his or her needs and attention to detail.

Separate Credit Card: If a taxpayer uses a separate credit card for tax related purchases such as business expenses, rental property repairs and unreimbursed employee business expenses (job-related) then he or she can simply jot down on the credit card statement the nature of the expense. In most cases such as OfficeMax the receipt can be tossed since the merchant and the business nature is fairly obvious. However, if the purchase was made at Wal-Mart keep the receipt- Wal-Mart sells office supplies but they also sell diapers, which unfortunately is not a tax deduction.

Envelopes: This is old fashioned, but still works well. Many taxpayers will label a handful of envelopes and toss receipts in each envelope depending on the purchase. Some labels include goodwill donations, church, office supplies, medical and meals, among others. Shoe boxes work too, but are considerably old fashioned- then again, the after-Christmas sales offer perfect timing for taxpayers to buy some more shoes. The ends justify the means.

As envelopes are being stuffed taxpayers should record the business purpose on the receipt. This is especially true for meals and entertainment where the substantiation (business purpose) requirements from the IRS demand the person’s name, what was discussed and if any portion was personal or pleasure.

Scanner: This is the best invention ever. A receipt or invoice is still the best way of proving a tax deduction. In reading several Tax Court opinions and summaries, the Watson CPA Group continues to see the power of a receipt. So, each time a taxpayer makes a tax-related transaction, he or she should jot down the business connection on the receipt if necessary, then scan it, and then forget it.

As a side note, many receipt printers in department stores such as Home Depot, Wal-Mart, etc. use heat to print the receipt. Unless the receipt is stored in the freezer the characters will fade over time.

PDF Printer: This allows taxpayers to print anything to a PDF file. For example, if a user wanted to save an electronic copy of a web page that is dynamic (such as a banking dashboard or home page) he or she cannot just save the web page contents. But if you print the web page and choose the PDF printer, the information on the computer screen will now be saved as a PDF.

Backups: When using electronic archiving taxpayers absolutely need to invest into Google docs, Carbonite or similar online backup service. Don’t let a computer crash ruin a good New Year’s resolution.

The Watson CPA Group is a progressive tax consultation and preparation firm embracing internet technology to provide worldwide tax service from offices in Colorado Springs, Colorado USA. A secure online Client Portal allows remote taxpayers to exchange financial information, tax documents and tax returns saving valuable time and resources.

Since 1997, The Watson CPA Group prepares individual and corporate tax returns for a flat fee, and specializes in LLCs, small business and corporate taxes, pilot and flight attendant tax deductions, rental property owners and expat tax clients.

For more information visit http://www.watsoncpagroup.com.

Read the full story at http://www.prweb.com/releases/2012/recordkeeping-tax-receipt/prweb10090233.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Caution Ahead: New Year’s Ranks as Deadliest Day on U.S. Roads
2. The Spencer Institute Supports New Year’s Resolutions and Long-Term Health with Wellness Coach Certification
3. Concert Vocalist Maureen Christine to Perform at Heritage Woods of Bolingbrook’s New Year’s Eve Gala
4. Boot Camp Classes for 2013 New Year’s Eve Resolutions!
5. Brain Spade Announces Site Launch is Now Set for January – New Year’s Resolutions Now Include Brain Health and Fitness
6. Mesothelioma Victims Center Now Fears Most Victims Get Shortchanged with Compensation so they Now Offer the Names of the Best Mesothelioma Law Firms-For Better Results
7. Originals By Weber's New Invention: "EZoo" Denture Liner Is Eazy To Put On/Eazy To Take Off Makes Loose Dentures Fit Better
8. Better stroke care, everywhere: NIH-funded study boosts local hospitals clotbuster use
9. Lifestyle changes linked to better outcomes after peripheral intervention
10. Supportive role models, coping lead to better health in poor teens
11. Humidifers.com is Now a Qualified Member of the Better Business Bureau
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... NY (PRWEB) , ... March 24, 2017 , ... ... scale; from third world countries to hospitals in the United States, it’s a ... conversation on the current obstacles facing infection prevention and offers strategies for the ...
(Date:3/24/2017)... ... March 24, 2017 , ... Texas Physical Therapy Specialists (TexPTS) ... at 9618 Huebner Road. The clinic is the group’s 7th location in San Antonio ... Ali Higgins, PT, will provide care from the clinic, which opened March 22, 2017. ...
(Date:3/24/2017)... ... March 24, 2017 , ... In just two days, ... vertical micro-veggies garden on Kickstarter . Surpassing the $100,000 milestone so quickly,10-times ... 2,000 consumers (and counting) already backing the campaign. , “We are very ...
(Date:3/24/2017)... ... ... The law firm of Enea, Scanlan & Sirignano, LLP, with ... C. Enea has joined the firm as an associate attorney. Ms. Enea, who previously ... law, Medicaid planning and applications, and Wills, Trusts and Estates. Samantha A. Lyons, ...
(Date:3/24/2017)... ... March 24, 2017 , ... Judy Buchanan, co-owner ... in Frederick, MD. Judy says, “I am passionate about sharing Reiki as a ... very difficult and challenging time.” , A Certified Medical Reiki™ Master trained by ...
Breaking Medicine News(10 mins):
(Date:3/24/2017)... FinancialBuzz.com News Commentary   ... cannabis products around the world are projected to gain popularity. A report ... will reach a value of USD 55.8 billion by 2025. ... industry. By the end of 2016, 28 states have now laws and ... states like Arkansas and North Dakota ...
(Date:3/24/2017)... , March 24, 2017 A ReportsnReports.com report ... been growing rapidly as the global sales of Adcetris and Kadcyla ... in the antibody drug conjugates market is driven by large number ... and wider therapeutic window offered by ADCs. ... Browse 3 Tables and 94 Figures, 10 ...
(Date:3/24/2017)... , Mar 24, 2017 Research and Markets ... Global Strategic Business Report" report to their offering. ... The report provides separate comprehensive analytics for ... Europe , Asia-Pacific , ... are provided for the period 2015 through 2022. Also, a six-year historic ...
Breaking Medicine Technology: