Tax preparation can be difficult for business owners, who must constantly strive to strike a balance between claiming as many deductions as possible and avoiding an IRS audit. The fear of the dreaded visit from a tax auditor can even drive some entrepreneurs to dismiss some deductions, including home office space, which has traditionally been rumored to be a “red flag” for auditors.
Many businesses don’t realize that an IRS audit is not the end of the world. In fact, with plenty of preparation, professionals may find the process is relatively painless. Here are a few things you can do now to ensure you’ll be able to sail through a tax audit with minimal work….