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Rancho Cucamonga business auditors help small businesses avoid IRS auditsPosted By Whyte & Associates
The professionals at Whyte & Associates in Rancho Cucamonga have helped countless businesses prepare their taxes. They have a solid understanding of state and local taxes. They provide the following tips to avoid an IRS business audit:
- File a complete income tax return. Be sure that your tax return is complete. If you forget to check a box or enter information, it can trigger an audit.
- File and pay both personal and corporate taxes before the deadline. Late filings can cause penalties, interest, and even an audit. If you will not meet the deadline, ask for an extension.
- Report your income accurately. Many people know that individuals in higher income brackets have a greater chance of being audited; however, it’s critical to report all W-2, 1099, interest, and investment income. Failing to report income can cause you great problems with the IRS.
- Claim accurate deductions. Business owners qualify for many small business tax deductions. However, you must provide accurate documentation and be careful not to inflate your expenses. A good bookkeeping system will ensure your expenses are justifiable.
Working with a trusted accounting firm can help ensure that your tax returns are prepared properly to avoid an audit. For more information, call Whyte & Associates at (909) 575-0080.
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