Surviving a tax audit for entertainment & vehicle deductions

There are two frightening words no one ever wants to hear… “IRS Audit.”

Yet, you may be among the countless thousands of men and women whose entertainment and/or vehicle deductions will be closely audited by the IRS.

Will you sail through the audit process without a problem, or will you owe thousands of dollars and face possible penalties?

You’ll find answers to these important questions in our must-read article from the current issue of the Tax Reduction Letter. It’s titled Tax Audit Tips for Entertainment and Vehicle Deductions.

Five ways our fact-filled article can help you.

1. We’ll show you how easy it is to go wrong. The first thing we’ll do is share the story of James Barton, a sales representative for Armko Industries, Inc. in Houston, Texas. At issue before the court were $15,741 of claimed auto expenses and $2,422 of claimed entertainment expenses. The punch line is that Mr. Barton lost $13,857 of his $15,741 in claimed auto deductions. What went wrong? How did he blow it? Mr. Barton made five crucial mistakes that he could have easily avoided. We’ll tell you what those five mistakes were and how you can handle things the right way! Read the full article.
2. You’ll learn how to keep the perfect mileage log. Good news! Did you know that you do NOT need receipts for vehicle expenses under $75. And that you can use your credit card statement for tracking your under-$75 expenses. Over the years we have examined literally thousands of mileage logs and know exactly what will pass IRS muster. Don’t miss the helpful information we’ve got waiting for you! Read the full article.
3. We’ll show you what a great mileage/appointment/business activities log looks like. In our report we have included a graphic that you really should check out. It shows exactly how your mileage and appointments should be recorded. If you ever have to face an IRS audit, you’ll be glad you checked out this crystal-clear graphic! Read the full article.
4. We’ve got a FREE mileage log for you! That’s right. Our article enables you to download a PDF copy of our Tax Diary System that contains our model mileage log. It’s worth reading our article for this PDF alone! CLICK HERE to read the full article.
5. We’ll share our best practices with you. Don’t miss them. We know how to keep you out of trouble with the IRS and we share some of our key insights with you in our free article. Read the full article.