WHAT THE IRS WANTS TO KNOW

What The IRS Wants To Know

As a small business owner it is your responsibility to accurately report any and all business income to the government. This means they want full information. In most cases, accurately reporting your income and tax situation will provide you with an “in the clear” type of situation. However, you may want to know what they are specifically looking for. If the IRS does investigate you, they will want answers to some specific questions:

Have you reported all of your business receipts and income?
Have you reported all cash transactions that have taken place, especially large ones?
Does the lifestyle that you lead fall into line with the income that you bring in?
Are your deductions for business only or do some fall under personal expenses?
Are you classifying your workers as employees and contractors correctly?
What vehicle, travel and entertainment expenses have you claimed that are not business related?
Do you have the correct payroll tax deposits made?

To make absolutely sure your business falls into line here you should download a copy of our FREE TAX GUIDE.

For other aspects of your TAX RETURN read these articles. I'm sure you will find them extremely helpful.