• The Documentation Must Haves – Guilty until proven innocent

    The Documentation Must Haves – Guilty until proven innocent

    The Documentation Must Haves – Guilty until proven innocent Taking valid deductions on your tax return is your right. Defending your deductions is becoming harder and harder to do. Read this to make sure your deductions rule the day. When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch. To prove your deduction most auditors are looking for two key documents. Miss one of the

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  • Double Check Your Documentation – Better to be surprised now than during an audit

    Double Check Your Documentation – Better to be surprised now than during an audit

    Double Check Your Documentation – Better to be surprised now than during an audit After filing a tax return, most of us are simply relieved another tax year is done. Before moving on to next year, please spend a moment organizing your records. It will help tremendously should you need to refer to them at a later time. Your tax return is completed and you can exhale a big sigh of relief. Not so fast. Do you have adequate support documentation if the federal or state authorities decide to review your tax return? The checklist Here is a check-list to

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  • Save Those Receipts and Documentation! – A little organization now can save money during an audit

    Save Those Receipts and Documentation! – A little organization now can save money during an audit

    Save Those Receipts and Documentation! – A little organization now can save money during an audit Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are ideas to help solve this problem. When it comes to taking qualified deductions on your Federal Tax return three things must happen. First, you must recognize that an expense might be deductible on your tax return. Second, you must keep a record of the expense in an organized fashion. Third, you must have

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