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Those who work and do business under the shadow of the majestic Gateway Arch have one more reason to seek the services of a CPA firm: St Louis City earnings taxes.
About
1 in 4 major cities in America, including St. Louis and Kansas City,
taxes the earnings of workers. Taxes equal to 1 percent of earnings are
charged annually by the city government to every person who earns
income within the city limits, and the net profits of businesses within
the city.
RubinBrown,
which has offices in both St. Louis and Kansas City, is familiar with,
and well equipped, to administer the deduction of city earnings taxes.
Of
course, there’s more to tax preparation than the preparation of the
filing documents themselves. In fact, the most important preparation
your Saint Louis tax professional does takes place well before April 15.
A fastidious Saint Louis tax accountant will anticipate any potential red flags that could result in an IRS audit,
and plan accordingly. To assist your tax preparer in this effort, it is
important to keep any documentation he or she may need to protect you
in the event of an audit by the Internal Revenue Service, and to take
additional steps to reduce the risk of an audit in the first place.
Any
CPA firm, St Louis or elsewhere, will likely want you to substantiate
any expenses you wish to claim on your deductions. Among the most
common expenses claimed are the following:
- Charitable contributions – includes cash, goods and services
- Business vehicles/mileage – to and from business functions
- Cash income
- Travel – air, hotel, parking, public transportation, etc.
- Meals – business-related only
Following
the “better safe than sorry” principle, it is best to keep all receipts
for these expenses, no matter how small, in a safe, accessible place.
Record the amount paid separately in a ledger, along with the name and
location of the establishment where the expense was incurred, and what
type of business you were attending to there. If meal or entertainment
expenses were involved, be sure to also record the name, business and
relationship of anyone who accompanied you, as well as what type of
business took place.
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