| Did you know that business expenses, such as travel and entertainment, must be logged in a systematic manner within 24 hours of the event? Do you know the penalties of not doing this? IF YOU DO NOT RECORD YOUR TRAVEL AND ENTERTAINMENT AND OTHER DEDUCTIONS IN A PROPER MANNER, THE IRS CAN DISALLOW ALL YOUR DEDUCTIONS
Returning from a business trip and giving all your receipts to your secretary to log in for you does not meet IRS 24-hour requirements. You must meet regulations and requirements set forth in the tax code, including where, when, why, and with whom, plus the amount. This Tax Diary does all that for you, prompting immediate answers as you travel or entertain
TAX DIARY
This unique system is the surest way of defending yourself in any tax audit for travel and entertainment deductions. The system meets all recording information required, and is assembled in such a manner that makes recording data simple, quick, and comprehensive. Unlike all other tax diaries, this system places all information, including receipts, in one chronological location that requires no future work, assembly, matching of records and receipts, or any other need, ever! Your accountant or CPA will love it, you will love it, and the IRS will love it. The package comes with a full year's records, including entertainment, travel expenses, out-of-town, and in-town, overnight and day record sheets. All you need to do is enter a few simple words and numbers and you are done for the day. Takes less than 5 minutes to record a day's deductible activities--which must be entered within 24 hours of the event.
RECORD SYSTEM
This one-of-a-kind recording system of all business expenses includes specific, simpl;ified, reqired forms in such categories as invoice expenditures, office supplies, equipment, business investment, bank transactions, deposits, non-earnings deposits, loans, loan payback, Promissory Notes, Promissory Note payback, and many more. With this system, all business financial transactions, purchases and expenditures are in one location, with statements to show what was spent and why and for what project, purpose, and use, on one recording form stapled to invoice, receipt, or other documentation. Your accountant or CPA will love it and if you have to recall for an audit what you spent three years earlier and why, it is right there. You never have to be concerned about preparing for an IRS audit again-it is all done and ready for inspection. TAX TIP
No receipts are required for travel or entertainment expenses under $75 per expense with the exception of lodging [Sec 1.274-5(c) of the IRS Regulations; and IR 95-56, Notice 95-50, 1995-42 IRB]. You must, however, log your expenses within 24-hours showing the required information [0 § 1.274-5(c)1]
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