US Tax Court

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Business Expenses, Business Meals and Entertainment, Business Vehicle, IRS Audit, Tax Code, US Tax Court, Vehicle Expenses / Douglas Freeman

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

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Keeping meticulous records is the key to tax deductions and painless IRS audits

Business Deductions, Business Expenses, Business Travel Deductions, Deductable Expenses, Income Tax, Internal Revenue Service (IRS), US Tax Court / Douglas Freeman

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported

Keeping meticulous records is the key to tax deductions and painless IRS audits Read More »