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:6/27/2016)... ... June 27, 2016 , ... A ... revolutionize the emergency ambulance transport experience for the millions of people who require ... has disrupted the taxi industry through the use of technology. Now, SmartEMS has ...
(Date:6/26/2016)... ... June 26, 2016 , ... PawPaws brand pet supplements ... that was developed to enhance the health of felines. The formula is all-natural and ... main herbs in the PawPaws Cat Kidney Support Supplement Soft Chews are ...
(Date:6/25/2016)... Miami, FL (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton ... Plant City Observer , brings up a new, often overlooked aspect of head lice: ... The closing for fumigation is not a common occurrence, but a necessary one in the ...
(Date:6/25/2016)... , ... June 25, 2016 , ... On Friday, June ... a Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments ... of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott ...
(Date:6/24/2016)... ... 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out of ... verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers Marcy. ... throw rocks at my other children and say he was going to kill them. ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Colombia , June 23, 2016  Astellas today announced the establishment of Astellas Farma Colombia (AFC), a new ... affiliate in Latin America . ... ... ... ...
(Date:6/23/2016)... , June 23, 2016 The vast majority ... outpatient dialysis facility.  Treatments are usually 3 times a ... per visit, including travel time, equipment preparation and wait ... but especially grueling for patients who are elderly and ... skilled nursing and rehabilitation centers for some duration of ...
(Date:6/23/2016)... June 23, 2016 The Biotechnology ... continues to present great opportunities to investors. Stock-Callers.com assesses ... Intrexon Corp. (NYSE: XON ), Vertex Pharmaceuticals ... (NASDAQ: ARNA ), and Regeneron Pharmaceuticals Inc. ... stocks and receive your complimentary trade alerts at: ...
Breaking Medicine Technology: