Growing Your Business

Keeping Business Expenses Organized Helps Avoid Audits

4/13/2015

Every business has necessary expenses, and the U.S. tax code allows many of the costs of doing business to be deducted when it comes time for filing a tax return. The rules as to what expenses are eligible and how they are to be classified change every year, and as they become more complex it becomes easier to miss out on deductions to which you're entitled, as well as to make a mistake and try to deduct those to which you're not. The best way to avoid mistakes is to be as organized as possible and remain up-to-date on the current rules.

Here are some tips to help you keep on top of the current rules:

• Keep receipts - The good news is that you're no longer required to keep receipts for meal and entertainment expenses of under $75, but it's still a good idea to hold onto them. The best way to do this is to charge these expenses on a credit card and then write the pertinent information down on the back of the slip. This should include who you met with, what the purpose was of meeting, and what position the person who you met with holds.

• Vehicle deductions - There are two options when it comes to recording auto deductions for a business. One is the actual expense method, in which the deductible business portion of the automobile's use is calculated by multiplying the total expenses incurred by the percentage of time that the vehicle is being used for business purposes, with that being based on the percentage of miles being driven for business. The alternative is to use the optional mileage method, in which the business miles are tracked and then multiplied by the standard mileage rate provided each year by the IRS. For 2014, that rate is 56 cents per mile, which accounts for the costs of gasoline as well as wear and tear on the vehicle. Whichever method you choose, it is essential that you keep track of the vehicle's mileage, paying particular attention to noting business miles as compared to total miles.

• Expenses for gifts for clients and business associates - Many businesses make the mistake of overspending on gifts. It is important to remember that the IRS allows only $25 per individual per year for gifts, and that means that anything over $25 that you spend is not deductible. If you plan on purchasing gifts for clients or business associates, make sure that you retain copies of the receipt for the expense, noting on the receipt what the business purpose is, who will be receiving the gift and what their title and occupation is, and what business benefit you expect to get from having given the gift. It is essential that you are able to establish that the gift is being given to a person with whom you have a business relationship.

• Business equipment - When a business acquires a piece of equipment, it needs to be written off as a capital expenditure, which means that it has to be depreciated rather than written off all at once. Because of this, it is important that when recording expenses you separate equipment out from supplies, even if you are going to use Section 179 to expense your purchase. Improperly reporting purchases puts you at risk of having the IRS decide that you have improperly characterized an expense, eliminating your eligibility for deducting it on your tax return as well as subjecting you to other negative repercussions.

• Classifying an expense as ordinary and necessary - One of the most important requirements for a business expense to be eligible for deduction is for it to meet the definition of "ordinary and necessary." This is determined by whether or not it is common or conventional for it to be used by other businesses in the taxpayer's industry. It is important to note that an expense does not need to be indispensable in order to qualify as being necessary.

• Lodging and meals - Expenses that are incurred during travel for a business are classified as either lodging or meals, and they are dealt with differently. While lodging is 100% deductible, meals that are purchased when away from home are not; they are only deductible at a rate of 50 percent of the cost. Because of this it is important that you keep the lodging and meal expenses separate, and if getting meals at a hotel, keep in mind that though both may be on the same invoice they need to be deducted separately. Keep all records, including the bill itself and the credit card receipt or payment receipt for backup.

• Entertainment expenses incurred at theater and sports venues - One of the best ways to entertain business clients is to take them to an event at a theater or sports venue. These expenses are only deductible up to 50% of the face value of the ticket, and it must be shown that the cost is "directly related" to or "associated with" the production of income, so make sure that you have all of the information available to show what revenue is derived from the relationship with those you are hosting.

• Deducting a home office - The IRS provides two different methods for deducting the costs involved when you run a business out of your home. The simplified method provides a $5 per square foot deduction with a maximum of 300 square feet to be written off without any supporting documentation - this amounts to a deduction of $1,500 maximum. Home offices can also be deducted using a conventional method, which determines the amount of square footage dedicated to the business and then calculating that area by the total square footage of the home, and then multiplying that percentage against allowable expenses.

It is important to a business' profitability that you take all of your eligible business expenses, but it is also essential that those deductions are taken in the correct way in order to avoid audits and penalties. If you are uncertain about what expenses can be deducted, or need help in setting up an effective method of keeping track of your receipts and records, Bob can help. Contact Santa Cruz CPA Bob Mason today with any questions.

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Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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Liability Limitation and Usage Guidelines for TaxBuzz AI:
Limitation of Liability:

TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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