Is Your Peace Of Mind Worth A Little Bit Of Your Time?
In the time it takes to see 40 pages, you wish cognize perfectly everything the Internal Revenue Service knows just about the Bed and Breakfast industry and wish use once acting a tax audit.
The Internal Revenue Service audit agent wish besides be paying close attention to any another services or products offered that are likely to produce additional income. Several of the more common products and services they wish be looking for include: gift shops, taxi service, jams and jellies, homemade crafts, wines, and another items for sale to the guests. Several taxpayers misconstrue how more of the residence can be depreciated and what expenses can be deducted. Another common issue they wish investigate is personal use and/or expenses, especially as it pertains to food, utilities and car expenses. Are you prepared with the appropriate documentation to back up your answers to the following questions?
- Do you sell items such as jams, jellies, maps, wine, books, etc.?
- Do you obtain tips or another gratuities?
- Do you ever barter for goods or services?
- Do you charge for off reservations?
- Do you charge an extra fee if guests have pets?
- Do you allow children to stay free of charge?
If you're willing to invest a little bit of your time, you wish have all of the information you need to be available once the IRS Agent does a reservation at your bed and breakfast inn.
TABLE OF CONTENTS
- OVERVIEW...
- THIRD PARTY INFORMATION
- RESEARCH
- PROCEDURES
- LIST OF ISSUES
- BIBLIOGRAPHY
- AUDIT QUESTIONS
- ARTICLES AND STATISTICS
