Memorial Day for me is the official start of summer. I feel happier, lighter and more free. I do also notice that my email box has been lighter the last two weeks which leads me to believe that many of you have started your summer work hours also. We switch to 4 day work weeks though end of July. These 3 day weekends make for a more productive and happy team when the sun is out and the children are out of school.
On a more serious tax note, taxpayers, please rememeber your receipts this weekend. As you travel, enjoy business meals in restaurants and use Ubers and Lyfts to get around, you simply must keep your receipts. Technology has made this easier for us. Take a quick snapshot of the receipts and email it to yourself or upload to the sky. There is no rule about how, just do it. If you are good at keeping paper receipts and then filing and organizing those, marvelous but most taxpayers I work with, me included, struggle to keep track of paper receipts so plan B is to take a photo and store it.
No receipt, no deduction. Got it?
Yes “business purpose” is important but receipts are even more so. Under audit, the IRS will always ask to see your receipts. Many times I have had an audit barely look at the receipts but they always ask if you have them.
Questions? Reach out to me anytime at http://wendybarlin.com
For those of you who missed the Business Travel deductions workshop yesterday, we will have a replay available for you by early next week. Please reach out to me and I will send you the link.