Top Tax Audit Triggers for Businesses
Friday December 22, 2006
This article from the Street.com (part of Entrepreneur magazine) provides some pretty good insight into what types of business deductions can act as an IRS audit trigger. Some of the audit triggers are items you might expect, while others you may not have even thought of.
As a home business owner you really have the option of leveraging the IRS to help you with your business, or alienating them completely and possibly ending up in jail for tax evasion or fraud. Ideally, all home business entrepreneurs would choose to act more in accordance with seeing the IRS as somewhat of an ally rather than a target for abuse. It's all part of doing what's right and it will help you sleep better at night.
More on Your Home Business Taxes
As a home business owner you really have the option of leveraging the IRS to help you with your business, or alienating them completely and possibly ending up in jail for tax evasion or fraud. Ideally, all home business entrepreneurs would choose to act more in accordance with seeing the IRS as somewhat of an ally rather than a target for abuse. It's all part of doing what's right and it will help you sleep better at night.
More on Your Home Business Taxes
Comments
“…alienating them completely and possibly ending up in jail for tax evasion or fraud.”
Anyone who would write something like this is downright unprofessional. Shame on you for trying to scare people unnecessarily.
What I said was, you can either follow IRS rules and take advantage of the information they have to offer, or alienate yourself from the IRS, not pay your taxes and end up in jail for tax evasion or fraud. That is neither unprofessional nor fear mongering – it’s a fact.