485 Madison Avenue,
9th Floor
New York, NY 10022
Ph: (212) 792-6300
Fax: (212) 792-6350
100 Quentin Roosevelt
Blvd, Suite 516
Garden City, NY 11530
Ph: (516) 542-6300
Fax: (516) 542-9021


Tax Planning

The purpose can be documented using invoices and receipts. In most cases, a cancelled check or credit card statement isn’t enough to substantiate the purpose. In some cases, there isn’t enough information on the receipt to document a deductible purpose. In that case, it is a good idea to keep a copy of promotional material explaining the expenditure. (I am helping with an audit where an agent is proposing to disallow deductions for a business coach despite a letter of explanation from the coach and having invoices to document the expenses!)

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