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| Check in next month to learn about the next red flag to avoid! |
GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*
If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!
*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #4:
*EXCESSIVE DEDUCTIONS FOR BUSINESS MEALS, TRAVEL AND ENTERTAINMENT:
*Maintain receipts for all expenses, along with detailed records, and don’t overstate these expenses.
To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.
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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited
Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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