The upcoming change in the business mileage rate got me thinking a bit about other tax considerations of businesses.
And then, in perusing some other tax blogs this morning, I ran across a very good item about accounting for your business tax deductions.
Whoa! Twilight Zone!
In "Defending Your Deductions," Joe Kristan of Roth & Company's Tax Update blog cuts right to the chase: Paperwork matters.
Some deductions, notes Joe, require support beyond what you might normally get from your company's bookkeeping records.
And he elaborates on what the tax law requires you to hang onto when it comes to writing off travel or meals and entertainment expenses.
Other business issues: Joe's item on business deductions went up while he took a brief personal break (belated but sincere congrats on that wedding anniversary, Joe!).
Even if he didn't have a very good reason to take some time off, Joe and his fellow Iowa residents definitely deserve any break they can get after dealing with rising river waters.
In connection with that natural catastrophe, Joe also has lots of flood-related posts on business and tax issues. His discussion of How Your Business Insurance Recovery Is Taxed in particular caught my eye.