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TAXES
Savvy strategies to help reduce your taxes
Tax News
Stay up to date on the latest tax news with e-News for Small Businesses, a free electronic mail service designed to provide tax information for small-business owners and self-employed individuals. You can sign up to receive the news at http://www.irs.gov/businesses/small/content/0,,id=154826,00.html. It’s distributed every Wednesday and covers topics such as:
- Important upcoming tax dates
- New information for small businesses on the IRS Web site
- Reminders and tips to assist small businesses and the self-employed with tax compliance
- IRS news releases and special IRS announcements that pertain to small businesses and the self-employed
Where’s My Receipt?
To take a tax deduction for a business expense, you usually need a receipt. But many cash outlays come without receipts: toll road fees, taxi cab fares and parking meters, just to name a few. For these and other deductible items, simply keep a log of your cash expenses. If the IRS asks you to prove the expense during an audit, just produce your log book.
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