August 1, 2022
If you’re self-employed, there are many deductions available to you that the average person without a business can’t take advantage of. In fact, if you don’t have a small business, you might consider the many financial benefits of starting one. Simply making an honest effort to earn income from what is normally just your hobby can open up a lot of tax advantages, even if you keep a regular full-time job.
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There is no foolproof way to avoid being audited. The IRS makes most of its selections either based on the fact that the filer is part of a targeted group or because a computer program picked out the tax return.
However, even though many of the returns are chosen by random means, there are certain red flags that make a return more likely to be audited.
If you don’t want the IRS knocking on your door, avoid these red flags:
You talk too much. If you’re ever foolish enough to try to pull a fast one on the IRS, keep your mouth closed. You’d be surprised how many neighbors, friends, and even family members report what they’ve heard.
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Being audited is never a positive experience. On the other hand, if you act in good faith, it’s unlikely that anything bad will happen beyond an increase in your tax bill.
The tax code is complicated – everyone knows that, even the IRS. Be honest and you have little to fear. However, keep these red flags in mind before filing your tax return!
Small Business, taxes
Bryandie Cox-Walker, founder of Business Building Profit Lab, a virtual business school, is a millennial entrepreneur and successful business owner with over fifteen years of experience in financial services. She holds two master’s degrees in business, a bachelor’s in Sales and Marketing, and several certificates. She has a passion for learning and helping people get their businesses up and running from the ground. Bryandie has had success in building three separate successful businesses within the past decade. Her extensive knowledge and training are in Income Tax preparation, Credit repair, Life insurance, and business consulting, giving her an exclusive insight into the world of credit and finance.