The Real Estate Investor's Magazine
Tax Tip for 2015-2016
If you are self employed and use your automobile frequently in your profession, this is the time to take a simple step toward audit proofing your tax return.
If you undergo an audit and have taken a deduction for the use of your car, whether the per mile basis or the actual expense basis, you will be required to prove your starting and ending mileage for the year.
A simple way to do this is to go out and get your oil changed during the lase few days of 2015 or the first few days of 2016. The service provider will mark down your mileage on the receipt, and this is adequate proof of the mileage on that date. Not to mention that it is a tax deductible maintenance expense.
For more tips on how to audit proof your tax returns, pick up a copy of one of my books ... The 2016 Realtor's Tax Guide, Diary and Journal - Audit Proof Your ... or The 2016 Tax Guide, Diary and Journal for the Self Employed - Audit... Both available on Amazon.
These books provide advice as to how to save thousands of dollars on your taxes, reduce record keeping time and to audit proof your tax return.
Ken Koenen is an attorney licensed in Arizona and California, holds a Master's Degree in Tax Law, and is also a licensed Real Estate Broker in California
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