Planning a tax-deductible holiday trip or business trip? Before you start planning your trip, it’s smart to make sure you have a copy of your vacation and home business expense report ready for everyone to see.
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Be sure to keep your receipt or other proof of purchase. Copy your tax records at the end of the year, and don’t forget to give these away when you complete your new tax return.
Good planners know there are two great ways to reduce their tax burden. They can either hire a professional consultant to help them with their taxes, or they can prepare their own tax returns and file. Both choices will have their advantages and disadvantages. Read this article to learn what are the pros and cons of preparing your own tax return.
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The biggest advantage to making your own tax report is that you are a real expert on the subject and can tailor your reports to your specific situation. You get to choose the different categories that you need, and even allow yourself a little leeway on some of the categories. This will save you time. Another advantage is that you can manage your personal finances without having to hire a professional to do it for you.
But not all financial reports are created equal. Some people just don’t like to write, and that’s OK. The trick is to know when to skip steps, add in details, and skip over things you know nothing about. By following your vacation and home business expense report carefully, you’ll be able to avoid getting things wrong.
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One of the biggest things you should do when preparing your expenses is to prepare a separate list for each category. Different categories involve different types of expenses. Expenses related to food, accommodation, and entertainment can be lumped together under one umbrella category; but other expenses, such as those related to your profession, business use of your car, or even the things you get from your employees, must be broken out. Include everything in the appropriate category.
You will also need to decide if you will provide a witness in case of an audit. Remember that any errors you make on your receipts may be matched against your records and compared against your self-reported figures. Making a note of mistakes or asking a friend to do your job for you is a good idea but don’t get caught up in this if you don’t have to.
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The final thing you want to do is make sure you have a schedule handy. This way you will be prepared to file your tax return when you get done with your sample expense report. Most tax preparers have packages available, but don’t jump in with both feet right away. Take the time to learn everything you can about taxes before using a professional to do your taxes for you.
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