While driving into the office this morning the news reminded me that the IRS will not be allowing itemizing tax payers and business owners to file their taxes until Mid February at the earliest. It appears the IRS will not be really ready until 1 March 2011 based on my IRS updates. This gives us procrastinators a little more breathing room. For those that have been ready since January this is the perfect opportunity to go back and take a look at any deductions that were left on the table. Take a look At your receipts. Did you discuss business while you were eating out with your friends And associates? Did you know that if your local ( key word being local). dining out with prospects and potential clients can be written off with out a receipt if the total (not including tip) was under $75.00 dollars. Yes you read correctly. But it has to be documented properly. How? You must answer who, what, when, and where.
Who were you with ( you can only include your spouse if your potential clients were accompanied by a guest.) what was the intended purpose of meeting? (To get a client referrals, lead etc). when did the event take place and Where did you go?
Go back over your office deductions. Did you have any repairs to the home? A percent of the repairs can be written off in addition to the credit you are already receiving. What about your home interest. Just some things to think about that you may have either forgotten or not considered. As always please consult with your accountant or tax Professional for details and information.
Remember Tax Preparation is at least a once a month endeavor, so have a happy tax season.
No comments:
Post a Comment