IRS AUDIT RED FLAGS ALERT

Hey fellow business owners!

As we navigate the intricate world of taxes, it's crucial to be aware of potential red flags that could catch the IRS's attention. Here are some things to watch out for:

Round Numbers Alert: Be cautious of using round figures in your financial records. The IRS may view this as a lack of precision and flag it for further
inspection.

Missing Income: Ensure that all income is accurately reported. Overlooking any income sources might raise eyebrows during an audit.

Excessive Deductions or Credits: While deductions and credits are fantastic, excessive claims might trigger scrutiny. Keep it accurate and reasonable.

Unreported Income: Transparency is key. Any unreported income can lead to serious consequences. Be thorough in your financial reporting.

Refundable Tax Credits: Claiming refundable tax credits is legitimate, but be sure you qualify for them. Inaccurate claims can attract unwanted attention.

Remember, staying informed and meticulous in your bookkeeping is the best defense. If you have any questions or need assistance, we're here for you!

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