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Archive for 21. June 2010
Homeless Person - I gave money - can I deduct it?
21. June 2010 by admin.
If you gave money to a homeless person or anyone needing assistance, thank you but that is not a 501(c)(3) deductible charitable organization. Nice gesture but no deduction.
Posted in Income Tax | 1 Comment »
Proof in an Audit
21. June 2010 by admin.
How do you prove a deduction?
First, a cancelled check, credit card charge or cash receipt. BUT, that only proves you paid for something.
Second, an invoice showing what was paid.
For example, you have a cancelled check to an insurance company. It only proves you paid for something. You might have paid your Grandmothers insurance policy instead of business liability. So it takes the invoice AND proof of payment.
Every deduction it requires PROOF of PAYMENT and PROOF of the expense, meaning an invoice.
Posted in Payroll Tax, International Taxation, Sub S Corporations, LLC's, Income Tax | 1 Comment »