How To Deal With Audits

Just the idea of having a problem with the IRS is enough to worry many business owners. The tax system can be difficult to deal with even at the best of times. When something goes wrong, it can be a long and expensive process to resolve. There are some ways to minimize the risks of being audited, suggests Kevin Packman: "Keep good records that tie in exactly to income and deduction figures on the return. There should be specific information placed on a return. For example, small business owners should try to categorize their expenses rather than just list them as 'other expenses' or 'miscellaneous expenses.'

Provided by: American Express Topic: Project Management Date Added: Feb 2010 Format: HTML

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