With tax season firmly in place and full steam ahead, it is always a good to review tax methodologies and see where you can improve – all with the hope of reducing your tax bill. With that thought in mind, here are some great tax tips for small business owners (SBOs).
Tax season is here and the IRS (and tax professionals as well) are already bogged down as they work to make their way through the ever-growing stack of filings. There are many things to consider as you file your taxes this year, including a slew of new tax laws and provisions. While most filers are concerned about how much they will get back or owe in taxes, they tend to pass over the fact that they may get audited, because they believe there is nothing they can do to avoid it. This is a misnomer however, and in this article we are going to discuss some methods you or your tax professional can employ to avoid being audited by the IRS.