Hint: Your records should not look like this.
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers. And why not? This area of the tax law, which was ripe for abuse for so long, still results in inflated or unsubstantiated write-offs.
Fortunately, you can safeguard T&E deductions for clients, and avoid any drastic tax consequences, by having them stick to the letter of the law. In particular, it’s important to comply with the stringent record keeping requirements established by the IRS. With this in mind, we are presenting the first in a series of articles on T&E strategies.
- 5 Ways to Pick Up Local Transportation Deductions
- Map Out Deductions for Travel in the U.S.
- Traveling Abroad for Business? Keep These Deduction Tips in Mind
- Using Your Car for Business Purposes? Keep Good Records for the Deduction!
- IRS Puts Up Roadblocks for Business Car Deductions
- How to Stay Within Tax Boundaries for Temporary Assignments
- Order Up: Clarifying Tax Deductions for Business Meals
- How to Enjoy the Tax Benefits of Business Convention Vacations
- 3 Must-Know Tips for Deducting Business Entertainment
- How Per Diem Rates Can Simplify Business Travel Expense Reporting
- The Three Rs of Travel & Entertainment Deductions
- IRS Issues New Rules for Local Hotel Expenses