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Show The Enterprise Review , August 4, 1976 Page 8b Rip-Off- s No Write-Of- f ' He knows It sounded like a mini vacation; three days in Southern California to attend a convention for your company. But upon arrival, you discovered the convention, was only a staging ground for salesmen to demonstrate new (if not ludicrous) products to your company. Regardless of how many times you said "no, the onslaught of salesmen seemed endless. But the third day, you felt like a uncommitted Republican where to take his lady to dine Dining like in San Francisco . . . New York . . . Paris. Romantic live music enhances delegate. If nothing else, at least youre going to write off the trip for tax purposes. But always be careful, because you have no constitutional right to any tax deductions. You, the taxpayer, must locate a statutory provision that specifically allows the deduction. Only by legislative grace are you entitled to deduct expenses incurred on the business trip. If you are able to account for your expenses directly to your employer, you are not required to disclose the reimbursement on your return (providing the reimbursement equals your expenses). Unquestionably, this arrangement is instead of a beneficial to you as you are reimbursed 100 partial reimbursement through a tax deduction. Regardless of whether you account to your employer or not, you must maintain records to substantiate expenses. In all cases, the expense must be reasonable and necessary for your business, and the expense must be in pursuit of your business. Section 274, having just received judicial blessing from the courts, requires that you substantiate the following by adequate records: 1. Amount of the expense The time and place The business purpose The business relationship of the person entertained, if your unforgettable evening. Nightly except Sunday. to the door and the parking to us! Drive leave rjU lafleufdelys 338 South State Telephone BRING THIS AO IN fora10 DISCOUNT 359-575- 3 ON PRINTING AND PHOTOTYPESETTING DURING THE MONTHS OF JULY AND AUGUST. OFFER VOID AFTER SEPTEMBER 1ST. any. In addition, you are required to have documentary evidence of expenditures over $25.00. These records must be maintained whether you account to your employer or take a tax deduction. If these expenses are used on your tax return, you' should perservie these records for three years. Any one who travels realizes the tedious job of maintaining these records. A diary or daily log in which you can record daily entries is recommended. A receipt or cancelled check, by itself, may not be sufficient because it would not disclose all the necessary information. My advice: have your customers take you out to lunch. eac -- M MOTOM ft by Rex Keeler, Manager Executive Tax Service MAD HD M PHOTOTYPESETTING IRS to Host Seminar for Pension Plan Participants (PCQ0E3B8 Revenue J viceThewillInternal conduct a seminar for preparation of 5500 series forms. The morning session is pension plan participants on The designed for companies havThursday, Aug. 19. seminar at 465 4th East, will ing 100 or fewer pension be conducted in two parts participants and the afternoon from 8 a.m. to 12 noon and program will be for businesses from 1 p.m. to 4:30 p.m. It with more than 100 pension will offer instruction on the plans. The seminar will be conducted by IRS personnel from Seattle. Mrs. Marylynn Spencer, IRS taxpayer education coordinator, said that the first session is filled to capacity and that all interested companies should call the IRS for a reservation. Mrs. Spencer explained the need for the seminar. Pension requirements are she lengthy and difficult, said. The terminology is difficult and the 5500 series is new this year. Mrs Spencer said that because of the Pension Reform Act of 1974 the entire pension system is in a period of transition. Each participant in the seminar will receive a packet of eight forms and a separate set of instructions. There will also 'be a general instruction booklet for the 5500 series. Ser- - 255 West 000 SeathSolt Laho City, Utah FREE PICKUP AND DELIVERY )f r Tj Order deadline August 31 156 So. Main |