Your Tax Place, Inc. - Tax Savings Strategies

How to Organize Receipts for Small Business  As a business owner, you have probably heard this statement over and over again:  KEEP YOUR RECEIPTS FOR TAXES!    Although this STATEMENT is TRUE, you should also KEEP the IRS in mind so that those RECEIPTS will count if an audit is required. Here are a few suggestions on how to KEEP THE IRS in mind when COLLECTING , STORING , AND PRESENTING those BUSINESS RECEIPTS. WHICH RECEIPTS ARE DEDUCTIBLE FOR MY BUSINESS? Owning, operating, and maintaining a business COSTS MONEY. But, when you buy things for the BUSINESS, they must be legally deductible. EXPENSES must be an ORDINARY AND NECESSARY EXPENSE  for your specific industry to be able to legally deduct it on your taxes. The WAY that you  STORE , ORGANIZE and PRESENT the receipts for business purchases as the PROOF will also be a consideration by the IRS to allow the deduction or not.  STORING and ORGANIZING RECEIPTS to MAKE YOUR CLAIM If you k

  5 tips to Avoid Tax Filing Delays and IRS Rejection of tax return When it comes to having your tax return prepared and successfully filed, you can easily AVOID these COMMON TRAPS that managed to cause IRS REJECTIONS and FILING DELAYS for several of my clients in this past tax season. TIP #1: IPPIN - Identity Protection Personal Identification Number  If you or your spouse APPLIED to the IRS to get this 6 DIGIT PIN number to prevent others from fraudulently filing your tax return, BE SURE that your MAILING ADDRESS is correct with the IRS AND WATCH FOR A MAILED LETTER FROM THE IRS in the beginning of the year that will contain this number. Without this number, YOU CANNOT FILE your tax return; PLUS , AT THIS TIME, it is FOREVER LINKED to your SOCIAL SECURITY NUMBER and cannot be removed or received EXCEPT BY MAIL or through your IRS account. TIP #2: FORM 1095-A for HEALTH INSURANCE purchased through THE MARKETPLACE   Beca