Tips from Tuesday,
March 31, 2009
The Small Business tips today will show you what you need to
know to avoid a tax audit.
- At
high risk for an audit: individuals with $100,000+ income: business
owners, professionals & investors in partnerships.
- You
can reduce your chances of an audit by incorporating your business.
- If
your income is statistically lower than other people in same occupation,
you may be audited for that and other inconsistencies.
- Don't
use round numbers; they're improbable. If your deductions amount to
$1456.00 use that number and not $1500.00.
Daily Overview: Maintain your records and be as accurate as
possible. Corner cutting = non-compliance and will flag you for an audit!
I am not a tax professional and have attempted to condense
sometimes complicated and detailed tax tips into 140 characters per line. My
interpretation may not be exact. Please contact a tax professional when doing
your taxes.
Some of the information above was obtained at AllBusiness.com.
Please contact the IRSonline or via telephone for
all of your tax
IRS Telephone
Assistance for Individuals: Toll-Free, 1-800-829-1040
IRS Telephone
Assistance for Businesses: Toll-Free, 1-800-829-4933
IRS Telephone Assistance
for Exempt Organizations, Retirement Plan Administrators, and Government
Entities: Toll-Free, 1-877-829-5500
I post small business tips on my Twitter account each day, Monday
through Friday. This is a reposting of those tips.
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