Avoiding Future Business Audits
The best thing to do when you receive a letter informing you that your business is being audited by the IRS is to contact a tax professional for assistance. Gohlke reminds business owners that audits are generally random, and there’s no surefire way to prevent them. However, the IRS selects some companies because of certain “red flag” expenses – either amounts or types – that are out of the ordinary and prompt a second look, she said.
Foss recommends tracking your bank transfers and other financial records beyond your receipts, and anything that can’t be explained on the standard IRS form should be explained on paper. She also advises double-checking all of your math before filing.
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“Keep proper documentation, and only deduct ordinary and necessary business expenses that are allowed by the IRS,” Gohlke added. “Even if you are selected for an audit, you will know you have nothing to worry about.” Learn more about tax audits and how to minimize your risk in Business News Daily’s guide.
Key takeaway: The best method to avoid a tax audit is to meticulously track all your business income and expenses, and keep a record of all your tax documents for several years.