The idea of a tax audit for business owners is never a welcome one, but taking steps now to keep your risk low can give you peace of mind should you ever receive an audit notice from the IRS. Here’s a high-level view of what you can do, starting today.
Keep Financial Records That Support Your Tax Filings
Hold onto all records related to money moves reported on your taxes. It’s the best way to prove that gains and losses are justified as reported. Seek out a tax advisor to help you identify what records to keep.
Follow IRS Rules for Deductions
Even if your tax returns are flagged, if you claim only those deductions allowed by the IRS, you can feel confident that you haven’t broken any laws and the audit will turn out fine. It’s a stressful situation all the same, and working with a tax consultant when preparing your taxes can ease your mind.
Avoid Typos and Math Mistakes
An extra digit or error in adding or subtracting figures can make it appear that you’ve gained or lost a significant amount of money compared with previous years’ returns, and that could flag your business for an audit. Hiring a tax pro to review your calculations before filing catches most errors like these.
Nervous About a Tax Audit for Business Owners in Las Vegas?
As a leading local tax consultant, S.J. Meyer & Co. is ready to assist clients who are ready to set up a business to succeed. We’re also here for those seeking improved tax strategies year-round and a lower risk of a tax audit for business owners. We deliver superior accounting and auditing, tax planning and preparation, and business set-up and planning services, as well as Quickbooks consulting and specialized forensic accounting. Our team of top-rated financial professionals has earned a stellar reputation for attentive service and dedication to our clients’ needs. We welcome your questions about wealth management, estate planning, business taxes and S corp tax planning, too. Contact us today to speak with a dedicated tax advisor.
Keep Your Risk of a Tax Audit for Business Owners Low with the Help of an Expert Tax Consultant Serving Las Vegas
Serving Las Vegas Valley, Summerlin & Henderson