Tax Deductions (CONT’D FROM PAGE 24)
AIR CONVEYING CORPORATION is a recognized leader in the industry of Pneumatic Conveying Systems and has been in business since 1968. As an equipment manufacturer rather than simply a sales organization, we have complete control over the quality of material and products which make up your proposed system. Our equipment is found in Printing, Folding Carton and Corrugated plants throughout the country and the world.
tom-line impact, keep in mind that the system only works if you record and retain the requisite backup documenta- tion. “Travel expenses, especially those for meals, are very often low hanging fruit for auditors,” says Rhodes. “That’s because many people fail to keep adequate records.” If your paperwork does not support your deductions, they can be taken away. In addition to the increased taxes that will result, there may also be penalties and interest payments. So how can you track your expenses in a way that will satisfy the authorities? The tried and true medium is pa- per—and many people still keep folders bulging with re- ceipts. But with the arrival of the digital age, things can be a bit easier—at least for anyone comfortable with technol- ogy. “Smart phone apps are especially valuable for keeping receipts of your meals,” says David Cawley, Partner and Certified Valuation Analyst at Fraim, Cawley & Company, CPAs, Roanoke, VA ( fraimcpa.com ). “You can just take pictures of your receipts and store them in a database.” Alternatively, you can have vendors email receipts to your smart phone. Then file the emails in a folder which is easi- er to access—and to back up—than faded paper files. (For computer programs that can help see the note at the end of this article, “Apps That Track Expenses.”)
AIR CONVEYING CORPORATION PH: 901-454-5016 FAX: 901-324-7979 e-mail: sales@accfilter.com • www.accfilter.com
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