11/12/2021
Want to stay off of the IRS radar this tax season?🕵️♂️
Did you know…
Although typically based on suspicious activity, audits are sometimes random and can go back 3-6 years.
The more money earned, the higher your chances of being audited.
If a business that gets audited reports income paid to you, you could also be audited.
If mistakes are found and money is owed, the outcome is tax penalties and interest.
Here are some more common IRS audit triggers:
💸 Not filing or filing incomplete returns
💸 Making math errors
💸 Using round numbers
💸 Misclassifying employees
💸 Having a big change in income or expenses
💸 Mixing business and personal expenses
💸 Deducting personal expenses as business expenses
💸 Deducting excessive business taxes
💸 Deducting a home office
💸 Deducting business meals, travel, entertainment
💸 Deducting vehicle expenses
💸 Claiming 100% business use of a vehicle
💸 Claiming losses every year
💸 Incorrectly reporting or underreporting sales or use taxes
💸 Operating primarily with cash
💸 Claiming too many charitable donations
If you’d like to avoid a hot date 💃with the IRS, comment below and I’ll reach out.
