How Can You Prevent an IRS Audit? Navigating the Tax Landscape with Confidence
Navigating taxes as a small business owner can feel like a minefield.
And for many, there’s nothing more daunting than facing an IRS audit.
While there’s no guaranteed way to prevent IRS audit, there are steps you can take to lower the risk of setting off those audit alarms.
In 2022, the IRS conducted over 700,00 tax return audits and found that $30.2 billion in extra taxes were owed.
Currently, the likelihood of being audited is slightly under 1%.
However, making mistakes or leaving things out might inadvertently raise red flags.
Inviting closer inspection from the tax authorities.
In this blog, we’ll discuss practical tips to keep your business safe from the audit spotlight.