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Learn To Audit-proof Your Tax Records
By drew miles
Begin by building your documentation system. There are more than 300 tax deductions available to small business owners. By converting many of your personal expenses into legitimate business deductions, you can have a HUGE impact on you financial well being.
For example, lowering your expenses makes it easier to become financially free (or as Robert Kiyosaki says it "Get out of the Rat Race").

For those of you who are in debt, the money you save by paying the correct amount instead of over-paying your taxes can be used to accelerate down your debt. For those who are looking for ways to put more into a retirement plan so that their financial future is secure, you can use the tax savings to fund your retirement.

Yet, learning additional deductions is only part of the process. You have to maintain the proper documentation in order to substantiate these deductions. If you don't properly document your deductions, you risk losing them in the event of an audit.
The Burden Of Proof

With all the court TV shows that are on, most people are familiar with the concept of Burden of Proof. Simply put, in a criminal case, we are innocent until proven guilty. In other words, the burden of proof is on the state to prove our guilty.

However, when it comes to justifying your tax deductions, the burden of proof is on YOU, the taxpayer. IRS examiners are not required to help you keep your records. It is your responsibility to prove and properly document them. The consequences of not following the tax laws are huge penalties. For example:

a) One-half of one percent a month delinquency penalty during the period that you fail to pay the proper amount of taxes

b) 20% of underpayment attributable to negligence or disregard of the rules or did not have a reasonable basis for the tax deduction;

c) 75% of any underpayment attributable to fraud

d) You may not deduct some of the interests paid to the IRS, if they were due to a business tax deduction on your Schedule C.

Tax Deduction Log

Yet an amazing thin happens when you keep a tax log or tax diary. The burden of proof shifts from you, back to the IRS. I have heard story after story of IRS auditors cutting an audit short once the taxpayer has presented them with a complete tax log and documentation system.

Here are some Strategies to Master the Records Requirements (and have fun in the process of maximizing your tax deductions). Keep in mind that you easily delegate this work by teaching it to your assistant (C.A.) or book keeper.

1.

Our articles continue...

Build a documentation system.

No matter what form of business entity you have ('S' corporation, 'C' corporation, LLC, or, God-forbid, a sole proprietorship, you need three separate and distinct tax records. Permanent Files, Regular Files, and A daily diary.

Permanent Files: These include your prior year's tax returns, stock purchases and sales, equipment purchases, and sales and similar entries. Generally, you want to keep any record that relates to more than one tax year in your permanent file. If you purchase property, your permanent files should include the purchase documents, closing statements, deeds, and other expenses related to the purchase.

Regular Files: These include time sheets, invoices for part-time help, receipts, invoices, canceled checks and other corroborative evidence.

Daily Diary: Your daily diary, which can be your appointment book, is the focal point of your documentation system. This is especially true if you operate a personal service business. The smaller the business is the more important this information becomes. Your daily diary should include: All of your appointments, Where and when you travel, Where you go by automobile, and Where and when you entertain business contacts.

2. Use Three-Part Checks

Keep a separate business checkbook and use three-part checks. Regardless of your business form, whether a corporation or sole-proprietorship (Ugh), the three-part check is necessary to build good, easy to use records in your regular files.

a) Send part one, the original of the check to the vendor.
b) Staple supporting evidence (receipts or invoices) to part two and file it alphabetically in the vendor file.
c) Put part three in a numerical file for later viewing by the IRS (did somebody say audit??) and reference by you.

3. Keep form 1099 Information Separate

If you have both W-2 and 1099 income, keep your 1099 information separate. This includes the source(s) and amount of 1099 income and all of your business expenses.
4. Keep a separate Tax log or Diary

To complete your documentation system, you must keep a separate tax log. This consists of a permanent record that is separate from the receipts you keep for each item. I'll list the major business expenses below and give examples of the documentation you should keep.

Home Office Deduction - You should take several pictures of your office (showing that it is separate from your living area) and keep them in a permanent file. You should also keep the printout from your realtor showing comparable cost of office space in your area.

Meals Out - You should answer the following five questions. Who? What? When? Where? Why? You can go high tech (an excel spreadsheet), low tech (a yellow pad) or medium tech (a word processing document). At the restaurant, I make a quick note on the credit card receipt. Three of the questions are already answered, so the note often looks like this "Fred regarding his LLC". After returning from the restaurant, I give the receipt to my bookkeeper or assistant. She transfers the information from the receipt to the tax log. (You may choose to do this yourself) Now my meal records are audit-proof.

Auto Mileage - The log should contain the following information: Date, starting mileage, ending mileage. Once again, you can use any level of technology you prefer.

Travel - Keep your plane tickets, parking and cab receipts (esp. if over $75), and the workbook or literature provided to you by the seminar promoter. I also use the 5 question log above to document my travel expenses.

Supper Money - If the cost of the meal is less than $75, you don't need to keep a receipt. Because I often use the supper money deduction on my teleclass nights, I always put the teleclass info in my calendar. I usually pay cash for the meal and reimburse the money after the fact.

I enter my cash outlays regularly and every month or so, I have my book keeper cut me a reimbursement check. Keeping a good documentation system is a worthwhile investment. It makes you conscious of the deductions you would otherwise miss, it keeps you organized and it keeps you audit-proof. That's a great combination.

Article Source: http://www.articles-galore.com

I have spent years studying the tax code looking for ways to help people lower their tax bill and keep more of what they earn. I have uncovered several tax deduction strategies that can be used by anyone to slash their tax bill and save thousands of dollars each and every year.Drew MilesFind Out More:www.freetaxstrategies.com

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RDU adopts air service incentives policy
<img src='http://assets.bizjournals.com/triangle/images/Michael%20Landguth%20-%20RDU2*100.jpg?v=2'>Raleigh-Durham International Airport will offer marketing support and waive landing fees for airlines that launch new routes ? an incentives policy that could be worth hundreds of thousands of dollars to airlines. The airport now pledges $250,000 in advertising spending in support for new domestic flights and $500,000 in advertising for new international flights. The policy, formally adopted by the airport?s governing board on Thursday, also waives landing fees. The specific markets named in...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=v6MLNsmDUQA:cw0Jlm039sk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=v6MLNsmDUQA:cw0Jlm039sk:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=v6MLNsmDUQA:cw0Jlm039sk:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=v6MLNsmDUQA:cw0Jlm039sk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=v6MLNsmDUQA:cw0Jlm039sk:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=v6MLNsmDUQA:cw0Jlm039sk:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Duke University CIO gets big bonus
<img src='http://assets.bizjournals.com/triangle/duke%20chapel-sw*100.jpg?v=1'>Duke University doesn?t just give big bonuses to its basketball coaches. Investment officers who increase the university?s portfolio are also rewarded. Neal Triplett, Duke?s chief investment officer, received a $1.2 million bonus in 2010, nearly the amount of his total compensation in 2009. When added to his base salary and other compensation, Duke paid Triplett $2.3 million in 2010, the most recent year for which compensation data is available. It?s no surprise that Duke?s investment...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=C0UntPTjscM:EVuF6OH5hbE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=C0UntPTjscM:EVuF6OH5hbE:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=C0UntPTjscM:EVuF6OH5hbE:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=C0UntPTjscM:EVuF6OH5hbE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=C0UntPTjscM:EVuF6OH5hbE:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=C0UntPTjscM:EVuF6OH5hbE:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Corporate Services Inc. to pay $30,000 in penalties
<img src='http://assets.bizjournals.com/sanfrancisco/blog/dollar-signs*100.jpg?v=3'>North Carolina officials say a California company that allegedly duped 700 North Carolina businesses out of $90,000 has again agreed to comply with a restraining order and return their checks, along with $30,000 in penalties. The company, Corporate Services Inc., mailed phony letters to the 700 businesses, passing itself off as a government agency and telling each business to pay a $125 fine for failing to comply with state requirements for keeping minutes of corporate meetings, the offices of North...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=8cI2AjwTJwg:SXTBRQ00XUI:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=8cI2AjwTJwg:SXTBRQ00XUI:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=8cI2AjwTJwg:SXTBRQ00XUI:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=8cI2AjwTJwg:SXTBRQ00XUI:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=8cI2AjwTJwg:SXTBRQ00XUI:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=8cI2AjwTJwg:SXTBRQ00XUI:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Some insight into athletes? graduation rates
<img src='http://assets.bizjournals.com/houston/news/baseball*100.jpg?v=1'>Baseball players in the Atlantic Coast Conference graduated at a rate 32 percentage points lower than the general male student population, according to a study released Wednesday. That ranks the ACC 24th out of 30 conferences and fifth out of the 10 major conferences, according to the College Sport Research Institute at The University of North Carolina at Chapel Hill, which analyzes graduation rates of athletes and compares them to the general student body. By comparison, football players in the...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=GkkoxFX11rw:43A0jGdeMwk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=GkkoxFX11rw:43A0jGdeMwk:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=GkkoxFX11rw:43A0jGdeMwk:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=GkkoxFX11rw:43A0jGdeMwk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=GkkoxFX11rw:43A0jGdeMwk:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=GkkoxFX11rw:43A0jGdeMwk:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Berkshire Hathaway buying Media General papers for $142M
<img src='http://assets.bizjournals.com/charlotte/warren%20buffett%201%20315*100.jpg?v=1'>Warren Buffett?s Berkshire Hathaway Inc. is acquiring most of Media General Inc.?s newspapers. As part of the $142 million cash deal, Berkshire now will have 63 daily and weekly newspapers operating under a new subsidiary called BH Media Group, according to Reuters. Following the acquisition, Media General, the owner of local station NBC 17 WNCN, will mostly be a television company. Reuters also reports that Berkshire will loan $400 million to Media General and will provide the company with...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=VP9sup3yMls:4hvihrrz_QM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=VP9sup3yMls:4hvihrrz_QM:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=VP9sup3yMls:4hvihrrz_QM:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=VP9sup3yMls:4hvihrrz_QM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=VP9sup3yMls:4hvihrrz_QM:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=VP9sup3yMls:4hvihrrz_QM:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Dice-K, Youkilis help boost Bulls attendance
<img src='http://assets.bizjournals.com/triangle/Bulls550*100.jpg?v=1'>When big leaguers come to town, they not only help on the field but at the ticket booth, too. Already, the Durham Bulls have sold out for Thursday?s game against the Pawtucket Red Sox, the triple-A affiliate for Boston. The 10,000 tickets sold are some 42 percent more than the 7,000 tickets sold for an average Thursday game in May, according to the Bulls? front office. Helping drive ticket sales are players from the majors who are expected to play on Thursday. Pitcher Daisuke ?Dice-K? Matsuzaka...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PDf9SMNDsFk:aCKzeHmP7I8:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PDf9SMNDsFk:aCKzeHmP7I8:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=PDf9SMNDsFk:aCKzeHmP7I8:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PDf9SMNDsFk:aCKzeHmP7I8:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=PDf9SMNDsFk:aCKzeHmP7I8:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PDf9SMNDsFk:aCKzeHmP7I8:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Human Genome Sciences rejects GSK takeover bid
<img src='http://assets.bizjournals.com/denver/news/ChemistryTestTubesCar*100.jpg?v=2'>Human Genome Sciences Inc. formally rejected a recent $2.6 billion hostile takeover bid by GlaxoSmithKline on Thursday. Earlier this month, GlaxoSmithKline (NYSE: GSK) made an unsolicited tender offer to acquire all of HGSI?s outstanding common stock at $13 a share. HGSI officially deemed that offer inadequate Thursday. In a news release, CEO Thomas Watkins said that HGSI (Nasdaq: HGSI) holds ?great potential? and the current offer undervalued the company. ?The HGS Board of Directors has...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=f3e6zZLPlRU:Y4TmiC6jKEY:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=f3e6zZLPlRU:Y4TmiC6jKEY:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=f3e6zZLPlRU:Y4TmiC6jKEY:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=f3e6zZLPlRU:Y4TmiC6jKEY:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=f3e6zZLPlRU:Y4TmiC6jKEY:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=f3e6zZLPlRU:Y4TmiC6jKEY:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
William Peace University wins $710K grant
<img src='http://assets.bizjournals.com/jacksonville/news/drinking%20water%20315*100.jpg?v=1'>Thanks to a $710,000 grant from the state?s Clean Water Management Trust Fund, William Peace University will be able to harvest and conserve more water. For starters, Peace will install a cistern that will store rainwater that will account for 90 percent of the irrigation water. Also, the university will install new showerheads and sink aerators as part of its ?going green? initiatives. In addition, the university is receiving rebates for replacing toilets with water-saving models going from...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=iEZbFttZ_xQ:H1yf5IS_zl4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=iEZbFttZ_xQ:H1yf5IS_zl4:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=iEZbFttZ_xQ:H1yf5IS_zl4:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=iEZbFttZ_xQ:H1yf5IS_zl4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=iEZbFttZ_xQ:H1yf5IS_zl4:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=iEZbFttZ_xQ:H1yf5IS_zl4:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Wake Tech hires police chief
<img src='http://assets.bizjournals.com/wichita/blog/police%20hat*100.jpg?v=1'>Moving along with its new police department, Wake Technical Community College chose its chief and assistant chief this week. Michael Allen Penry will serve as chief and Paul Andrew Quinn is the new assistant chief. Both are former Wake County sheriff?s deputies from Garner. They will be responsible for the college?s five campuses and two training centers, providing a safe and secure learning environment for students, faculty, staff, and visitors, says Wake Tech President Stephen Scott. The...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PWqXWammt5E:lfwGLhIP__s:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PWqXWammt5E:lfwGLhIP__s:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=PWqXWammt5E:lfwGLhIP__s:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PWqXWammt5E:lfwGLhIP__s:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=PWqXWammt5E:lfwGLhIP__s:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=PWqXWammt5E:lfwGLhIP__s:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>
Bankruptcy filings rise 4% in Wake County
<img src='http://assets.bizjournals.com/triangle/images/Bankruptcy6*100.jpg?v=2'>Wake County saw a small increase in the number of new bankruptcies filed in April. A total of 211 Wake County businesses and individuals in the county filed new petitions last month in U.S. Bankruptcy Court for the Eastern District of North Carolina, according to a report the court published Wednesday. That represents an increase of more than 4 percent from April 2011. Numbers in most recent months have been down by small percentages, both in Wake County and in Durham and Orange Counties. Personal...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=IHEQWX3p_lE:rCm7qQtVNzg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=IHEQWX3p_lE:rCm7qQtVNzg:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=IHEQWX3p_lE:rCm7qQtVNzg:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=IHEQWX3p_lE:rCm7qQtVNzg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?i=IHEQWX3p_lE:rCm7qQtVNzg:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triangle?a=IHEQWX3p_lE:rCm7qQtVNzg:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triangle?d=qj6IDK7rITs" border="0"></img></a> </div>

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