An IRS audit can be a stressful experience for any small business owner. It's time-consuming, can be expensive, and could result in owing additional taxes. In this video, we'll break down the IRS audit process for small businesses. We'll cover the common red flags that trigger an audit, for a small business
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As a former IRS Agent, I try to explain federal taxes to defend against an audit. While there are no guarantees, it’s good to have an insiders view.
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00:00 - Small business audit red flags
00:24 - Foreign Bank Accounts and Assets
01:17 - Lots of Zeros or Multiples of Five
02:03 - Underreported Income
02:44 - Your Deductions Are Too High
03:52 - Claiming Business Losses Year After Year
04:47 - Income and Expense Fluctuations
05:38 - Net Operating Losses
06:16 - Independent Contractors
07:20 - Late Payroll Taxes
08:09 - Home Office Deduction
TRANSCRIPT:
No small business owner wants to be contacted by the IRS for an audit. It takes up a lot of time, the business may have to pay a CPA to represent the business during the audit, and the business could potentially owe more taxes once the audit is over. No matter what, any business can be selected for an IRS audit but here are ten IRS audit red flags and triggers that could put your small business at a greater risk of being audited.
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Welcome to Tax Axe! It’s time to learn some federal income tax strategies. It's true taxes can be complicated, so we’re here to help you navigate it. On our channel, we believe you shouldn’t have to pay more tax simply because you don’t have enough knowledge on the subject. Ready to learn?
👉 𝐈𝐟 𝐲𝐨𝐮 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬 𝐯𝐢𝐝𝐞𝐨, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐥𝐢𝐤𝐞 𝐢𝐭 𝐚𝐧𝐝 𝐬𝐡𝐚𝐫𝐞 𝐢𝐭.
👉 𝐃𝐨𝐧'𝐭 𝐟𝐨𝐫𝐠𝐞𝐭 𝐭𝐨 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬
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