If youâre a business owner, you need to pay very close attention to your financial matters, including your tax payments. An IRS audit can be a stressful procedure, even with the guidance of a tax lawyer near Wichita . To reduce your chances of being audited, your business lawyer will advise you to keep meticulous records of all income, expenses, and other losses. Doing so can help you avoid making mistakes on your tax returns.
To learn about the issues that could trigger an audit, consult your business tax lawyer and watch this brief video. This video explains why you might hesitate to claim more than $1,600 in charitable deductions, why you should never round figures for your deductions, and which types of business owners need to be especially cautious about the possibility of an audit. Bear in mind that the IRS selects some tax returns at random each year for an audit, regardless of how closely those taxpayers followed the rules. Always consult a business lawyer if youâre one of those unfortunate taxpayers.