Accountable Plan Guidelines: Ensuring Business Expenses are IRS-Compliant #accounting

Ensuring your expenses are legit business costs is crucial. Remember, you can't just purchase anything and expect to slot it into your accountable plan. Always maintain a direct business connection. Know the rules; stay compliant!

💡 As an S corp employee, always back up your claims. From receipts to mileage logs, your documentation is your best ally.

💡 Over-reimbursed? Remember, excess becomes taxable. Precision is key.

💡 With the IRS, punctuality counts! Process reimbursements and documentation swiftly. Stay prompt, stay compliant.

Want more practicaltax saving tips? Tune in to this episode!

#smallbusinessownership #taxseason #entreprenuer #sidehustle #startup #budgeting #personalfinance #taxplanning #taxstrategy #taxtok #tax #taxes #taxdeductions