Thursday, March 1, 2007

Business Leaders & Success (Tassajo)

4. Never stop learning go back to school or read a book. Get training and acquire skills.

- No one knows exactly what will trigger on Internal Revenue Service audit, but experts agree you can learn several ways to keep you under radar.

1) On the most basic level accuracy in reporting and maintaining supporting documents are Key if you don't want to run into problems with the IRS. "Keep a calendar, diary or log book," in case of auto expense, parking, and meal and entertainment deductions, this is what the taxing authorities, are going to want to see rather than your receipts. Keep records at least four years, and never throw out documents for permanent items such as fixed assets and real estate that yo are depreciating. How you register your business is also important.

Be aware of these subjects:

1) High-income earners
2) Careless mistakes and omissions.
3) Over-the-Top deductions
4) Home-Office credit.

Good luck....


John B. said...

Am I the only one who thinks the IRS are a bunch of thieves?

david mcmahon said...

Absolutely right. As you said, never stop learning.

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