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:2/13/2016)... ... February 13, 2016 , ... In the early or “honeymoon” stage ... to perfection, go out of their way to be romantic, and may exaggerate a ... look at any online dating profile. , A recent study from Queendom.com ...
(Date:2/12/2016)... Opelousas, LA (PRWEB) , ... February 12, 2016 , ... ... of St. Landry and Evangeline Parishes. The purpose of these scholarships is to ... to encourage those individuals to seek employment within these two parishes. , “We ...
(Date:2/12/2016)... ... February 12, 2016 , ... Fixed Dose Combination Drug Development: ... EST, http://www.fdanews.com/fixeddosecombination , Fixed dose combination products are ... attention from all stakeholders in the development of new chemical entities. , However, ...
(Date:2/12/2016)... ... 2016 , ... T.E.N., a technology and information security executive ... Awards 2016. Finalists and winners of the ISE® Awards for both Executive and ... Gala on March 15, 2016 at the Westin Peachtree Plaza, Atlanta. , ...
(Date:2/12/2016)... ... 12, 2016 , ... Fisher House Foundation Chairman and CEO Kenneth Fisher joined ... Support Alliance president Scott Bensing, and Peggy Kearns Director, VA Southern Nevada Healthcare System ... This will be the first Fisher House in Nevada, and will provide free ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... , Feb. 11, 2016 Potrero Medical, Inc., the ... to announce the appointment of George M. Rapier, III ... San Antonio, TX , WellMed is one of the ... patients and HMO members in Texas ... 1990 out of his own internal medicine practice, he has ...
(Date:2/11/2016)... -- MiMedx Group, Inc. (NASDAQ: MDXG ), the leading ... birth tissues, human skin and bone, and patent-protected processes ... and therapies, announced today that it will present at ... New York , NY.  Parker H. ... , Chief Financial Officer and Chris Cashman , ...
(Date:2/11/2016)...  AfterPill.com is reporting that this week,s Centers for ... women who are at risk of unintended pregnancy impacts ... raises the risks of unprotected sex in particular.  ... to the Guttmacher Institute, there are 43 million women ... who have sex without the intention of becoming pregnant.  ...
Breaking Medicine Technology: