If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you
IRS audit Archives - Crawford Ellenbogen
Jul 7, 2020
Good records are the key to tax deductions and trouble-free IRS audits
- By Joan Ellenbogen
- Business
- 0 Comments
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Oct 2, 2019
The chances of an IRS audit are low, but business owners should be prepared
- By Ellenbogen
- Business, Taxes
- 0 Comments
As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return