Are you ready for tax season, small business owners? Have you ever wondered what could get you triggered for an audit? Here are some tips to help you to not get audited come tax time.
- The IRS is paying more attention to small contractors, especially those filed on Schedule C of an individual's Form 1040.
- Make sure you have proper documentation for all expenses; car/truck expense, supplies, repair, maintenance, food, entertainment.
- Don't use rounded numbers. Those are a dead giveaway that you're not keeping proper books.
To read more tips, check out "What tax deduction is likely to get a small business audited" over on the Sacramento Business Journal.