A Startling Fact About How to Avoid an IRS Audit
Introduction
The Internal Revenue Service offers a series of daily Tax Tips during the tax filing season (January 2 through April 14) dealing with a range of helpful topics. They are available to anyone. These tips include ways to avoid an IRS audit as well as how to avoid common errors a small business owner may make when claiming a business deduction on their taxes. These tips can also help the owner decide what business expense can be recorded on their own books.
Attention Business Owners
It is common knowledge that the IRS has started targeting small business owners in their efforts to collect more taxes. Small business owners are far more likely to make tax errors than large businesses that have professionals at their fingertips. In fact, every form of small business return, including LLCs, partnerships, and S-corporations are the targets of new enforcement efforts by the IRS, which believes huge amounts of small business income goes unreported each year.
IRS Commissioner Doug Shulman announced that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring uniform and high ethical standards of conduct for tax preparers.
You can sign up for your daily tax tip by going to the Internal Revenue website. Once on the website, type "tax tips" in the search box. The results will yield an option titled "Daily IRS Tax Tips for 2009 Filing Season". Click on this result and sign up with your email address. You will begin getting your Tax Tips that very day.
Of course, there will be tips that do not concern your particular business, but many of them can save you money by informing you of business deductions that you can claim. The tips are designed to motivate taxpayers to think about their income taxes before they finalize their Federal tax returns.
Conclusion
Every small business owner needs as many business deductions as possible so that they can keep their hard earned money. In today's economy every little bit helps. Always make sure that you consult a tax professional to be sure that the deductions you are claiming are allowed by the Internal Revenue Service. You don't want to interpret a "tax tip" incorrectly and get your business flagged by the IRS. A professional's review will greatly improve your chances of avoiding a tax audit.
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