Tax Time: Small Businesses and IRS Audits
If you run a small, online, or home-based business in the US, you’re well aware that it’s soon tax time. You’ve probably also heard at one time or another that home office deductions lead to increased chances of audits. Does that mean you really have to fear an IRS audit this year?
A recent AP article tells entrepreneurs that audits are probably more unlikely than they think, as the IRS doesn’t need to conduct a full audit for one or a few questions, and because the IRS doesn’t have the staff for aggressive audits.
Do you worry about being audited? Are you prepared if it does happen? What kinds of things do you do throughout the year to ensure an easier time with yearly taxes?
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