Good Guys Tax and Bookkeeping LLC

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Incomplete records lose vehicle expense and
depreciation deductions.

The case: P had several businesses as
proprietorships, for which he took expense
deductions for his car and truck. He also took
depreciation deductions for both as well as for other
assets. The IRS denied a number of deductions, so P
went to court.

Held: For the IRS. In the records supporting the
deductions, the court said the estimated miles
driven were not contemporaneous with the
expenditures and did not include the date and
business purpose of miles driven. So, the records
did not meet the minimum standard to support
vehicle deductions.

Likewise, the records to support depreciation
deductions for different assets were incomplete,
often not specific enough to identify the asset
depreciated, and did not establish that the
property was used specifically for business and not
nonbusiness purposes. The records also failed to
establish the property’s depreciable basis, recovery
period (number of years of depreciation allowed),
and previously taken depreciation. Because he did
not prove any of these elements, no depreciation
deductions were allowed. [Polete v. Commissioner, T.C.
Summ. Op. 2023-25]

Is your business an S Corporation?

We can provide you a report to prove your salary is "fair and reasonable". The IRS will be watching your tax returns more closely. Let us help you.

IRS overlooked billions in taxes from S corp execs The Internal Revenue Service has stepped up efforts to collect employment taxes from S corporation officers, but business owners are still getting away with avoiding billions of dollars in taxes.

Limited availability for the rest of this tax season.

Don't wait to get your information to us due this.

We prepare and submit your file which is held an a batch file until processing begins.

Timeframes for refunds will be normal with the filing date of Feb 12, 2021 or the actual e-filing date, whichever is later.

IRS Notice: "WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits....."