July Celebrate Your Independence from the IRS: Here are just a few of the audit trigger red flags that IRS agents are watching for: -claiming 100% business use for your vehicle (this will almost certainly invite an audit) -large deductions that seem out of proportion for the business (this is what their computer systems look for) -any schedule C deductions for business travel, meals or entertainment (you are able to take these deductions but if excessive and if audited not documented properly you are toast) -hobby losses claimed as business expenses (you best be able to prove you were a real business) -regular wage income combined with large schedule C losses (you must prove you had a real business, which we teach you those requirements on the training below) -any documentation that doesn’t meet their strict substantiation requirements (this is NOT your CPAs responsibility, it is yours) Here is more training and tips to help keep the IRS off your back and put more profits in your pocket: nvinc/sandybotkinoffer/index.htm
Posted on: Fri, 18 Jul 2014 18:00:01 +0000
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