Learning that your company is going to have your tax return audited is news that no one wants to get. The best way to make sure your company is prepared for this is by taking steps to get a good handle on your business finances now. Here’s how you can prepare for a tax audit.
Submit Your Tax Returns By the Deadline
It’s easy to get overwhelmed with all of the things you need to keep track of as a business owner. But staying on top of your tax reporting obligations is important for two reasons. It keeps you in the good graces of the IRS, and it forces you to look at your books regularly to catch errors and omissions so they can be corrected promptly.
Keep Detailed Records to Document Business Income and Expenses
While it’s not uncommon for a business to lose money, if the losses are significant, the IRS may want to learn more. You don’t need to keep every piece of paper, but it’s vital to understand what business records are valid to demonstrate business activity such as deductions for tax reporting purposes.
Work with a Qualified Tax Professional Regularly
Strong business planning, tax preparation and auditing of your business can improve your understanding of your company’s position and reduce the chances of a tax audit. It’s great to have someone who can prepare your tax return for you after you drop off your business records and receipts. But if you’re only calling your accountant at tax time, you’re missing out on their professional expertise throughout the year.
Do You Need Tax Audit Assistance in Las Vegas Valley?
S.J. Myer & Co. has more than 30 years of experience in business tax planning and preparation, as well as accounting and auditing. Our clients benefit from our depth of knowledge and rigorous quality control processes, too, giving you confidence in our work throughout our business relationship, from business set-up to Quickbooks consulting. If you have concerns about an audit or just want to be ready for the possibility of one, contact us today for expert assistance.
Tax Audit Preparation for Your Las Vegas Valley Business
Serving Las Vegas Valley, Summerlin & Henderson
Posted on December 27, 2021 | Published by Ignite Local | Related Local Business