Proving Business Expenses & Life On Mars
Proving Business Expenses – Chapter 1 Of ISCPA’s Tax Savings E-Book
After losing my job as a human finger warmer for an innovatively green startup in Portland, I decided to start a business of my own. I set out to create the first intergalactic outsourcing firm. A wise profit once said there was life on mars. My vision was to hit the road to find it, identify its unique talents, and become an intermediary for them and business owners. Being more of a free spirit than a linear thinker, I trusted google for directions and my mentor Iryna for proving business expenses.
I knew I’d make the needed connections along route 66 because it’s a triangular number so it feels like it makes sense.
In all things the one who chases, loses – therefore I understood the importance of enticing the talent to chase me. There are 12 major stops along route 66, so I asked google chat for 12 ways to attract aliens. Unfailing, I was given a perfect reference point. Aliens love numbers, it was all falling together – voila.
While other CPAs had issues with their phone and were thus unable to take my calls, Iryna answered on the third ring.
She believed my business had potential. In the event that my first year revenues exceeded my humble expectations, she wanted me to shield myself from potential excess in taxes.
“Listen, I’ve put together a list of everything you must do to prove your business expenses for this trip.” She said as my phone vibrated with the notification that her very helpful email had arrived.
- Be sure to procure and keep receipts for every expense on your trip.
- Document the purpose with each receipt – specifying it’s relation to your business; e.g. “Reeses presented to E.T. prospect as a proposed compensation model.”
- Maintain a detailed travelogue; including dates, activities, and locations.
- Capture electronic receipts and be sure to save them in a secure file location.
- Keep your personal expenses separate.
- Use a dedicated credit card for your expenses. We will review these records together when we work out your tax plan!
I read Iryna’s email about proving business expenses aloud, to be sure I heard myself – paraphrasing thanks to ADHD.
“Get and keep all receipts. Specify each receipt’s relation to the purpose of my business. Maintain a detailed travelogue… that was a great Joni Mitchell album – second to Hejira. Securely save all electronic receipts. Keep my personal expenses separate. Use a dedicated credit card for my business expenses… Iryna will review this with me when we work out my tax plan and prepare my taxes… easy peasy, great!”
I cashed out my 401k to cover gas expenses for my trip (not advised by Iryna) and filled my tank for the first time, in a long time, in Los Angeles. I put my playlist on bluetooth mode, and was on the road.
My first planned stop would be Emma Jean’s Holland Burger Cafe in Victorville to eat an Emmie Trucker that I suspected might be coded alien bait. From there I would immediately head to the Mojave Trails National Monument to gaze at the stars I hoped would gaze back at me. As I daydreamed, a neon light flickered in my peripheral vision. I thought it might be a signal, but it was my phone alerting me to a call that changed my trip before it started…
TO BE CONTINUED.
Did you enjoy this chapter of ISCPA’s upcoming free e-book to save business owners like YOU thousands of dollars on your taxes?
Stay tuned as there’s more to come, with far greater insights and tips. If you’d like to be among the first to receive a FREE copy of this e-book in it’s entirety when it is available – subscribe to our newsletter. The e-book will contain top–secret content from Iryna’s “leaked” emails. We will also be doing a giveaway related to the completed book’s title.
Additionally, If you’re a business owner who would like to save a massive amount of money on your taxes this year, and possibly recoup overpayments from previous years, schedule your free consultation today.
