Tag Archives: Cohan Rule

When planning for the next tax year, taxpayers should keep accurate records and receipts of any expenses they plan to deduct. However, if no records exist, the Cohan Rule may benefit the taxpayer in such that it states expenses may be reasonably and credibly estimated. The taxpayer in the next situation benefited from the Cohan […]

No receipts? No problem.

The one piece of advice from tax preparers and financial advisors that’s relatively consistent is that you should always keep receipts to document your expenses. While that is certainly true, it’s not necessarily a deal-breaker when it comes to claiming expenses at tax time. That’s because of the outcome of a famous court case, Cohan […]