Don't be tempted by the fudge! - Tax Tip #4

Self Made: NASE's Blog

Blog With Us

Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

Don't be tempted by the fudge! - Tax Tip #4

Mar 25, 2013
Posted by Keith Hall (NASE Tax Expert) - Telling you not to be tempted by the fudge is probably a silly way to start a blog post about taxes. Silly for the most part because, of course, you will be tempted by the fudge, because it's fudge. (Duh!) But I'm not talking about the chocolate kind, I'm talking about that temptation to take a shortcut in completing your federal income tax return. 

Whether you are getting your paperwork together for the accountant or getting ready to sit down with TurboTax, you are probably feeling the temptation to just guess. To just fudge the process a little bit. Maybe even fudge the numbers a bit. Try your best to avoid that temptation. Now is the time to make this year's tax return audit-proof. You may have heard this little voice inside saying, "Let's not deal with all of that detail, and just use the same number of automobile miles as last year." Or maybe your little voice says, "They will never ask for that detail, just include $1,500 in total meals' expense and move on to the next number."

Avoid those shortcuts. Avoid those temptations. Now is the time. Make sure that you have that mileage log completed. Fill in the blanks now when it is fresh in your mind. Find those extra receipts to document your meals' expense. Remember that if the IRS does send you one of those little love notes in the mail asking for more detail, it won't be the week after you file the return. That letter will come almost three years from now...two tax returns from now! You won't remember why you chose 4,122 business miles or $1,500 in meals expense. Take the extra time to find the right numbers. Keep those receipts. Dot those "i's" and cross those "t's" And when you're will feel so good about that return, you can even reward yourself with a real piece of fudge!

How to Start a Wellness Business—5 Things to Consider

A wellness venture lets you help people achieve their health goals while securing the freedom that comes with being your own boss, so how to start a wellness business is a common question.  The wellness industry in North America is currently experiencing unprecedented growth. According to Statista, the industry market size in the United States

Written By AlicjaOlko (@clinicsense) - How-To Guides / Tutorials | Tips and Tricks

How AI Assistants Improve Self-Employed Professionals’ Business Skills?

Self-employed professionals are always in the lookout for the best way to enhance their skills in order to survive in the current highly competitive business environment. Over the years, AI assistants have become a necessity due to the kinds of support they offer in terms of organization, management of tasks, and valuable insights to drive

Written By enis (@enis) - Opinion Pieces

The Impact of Blockchain on Small Business Supply Chains in the USA

Blockchain technology, often associated with cryptocurrencies like Bitcoin, has far-reaching implications beyond digital currencies. One area where blockchain is making a significant impact is in supply chain management, especially for small businesses in the USA. By enhancing transparency, efficiency, and trust, blockchain is revolutionizing how small businesses manage their supply chains, providing a competitive edge

Written By Anthony Lucas (@anthonylucas) - Industry News and Trends

What’s The Impact Of Innovative Office Layouts For Productivity? Let’s Find Out

Long gone are the days of office cubicles and beige-toned offices. Structured layouts, with limited spaces for team collaboration, are now distant memories. Throughout recent years, office layouts have undergone a massive transformation. Businesses are starting to invest in the space their team works from. The reason? Well, a well-designed workspace can help to improve

Written By Ella Woodward (@ella) - How-To Guides / Tutorials

The Power of Content Marketing: Strategies for Small Business

When it comes to getting customers, the majority of small businesses rely on local advertising, word of mouth and paid advertising. For most small businesses, making content doesn’t seem like a direct way to generate revenue for their business so it’s not top of mind. However, content marketing is arguably the most powerful way to

Written By Delilah (@delilah-a) - How-To Guides / Tutorials

Want More?

See our latest Self Made content by clicking here.  Want to see our archives, click here.

Courtesy of't-be-tempted-by-the-fudge!---tax-tip-4