Taking a proactive approach to tax planning will not put your business at risk for an audit. I repeat, taking a proactive approach to tax planning will NOT put your business at risk for an audit. If your Tax Preparer or Accountant tells you that a tax-reducing strategy will create a red flag with the IRS, it might be time to get a new Accountant. In fact, if you pay more than $20,000 in personal income taxes (or make $100,000 or more gross income), it might be time to hire yourself a professional Tax Planner.
If your Tax Preparer or Accountant tells you that a tax-reducing strategy will create a red flag with the IRS, it might be time to get a new Accountant.
Implementing strategies that help you reduce your taxes will not raise your risk of audit. In fact, it’s why the Internal Revenue Code exists (all 70,000+ pages of it). Inside the IRC, there are plenty of legal ways that Small Business Owners like you, can learn to lower their tax liability and keep capital in your business. There are rules tied to their use, and most of the rules are surprisingly simple.
Common “Green Flag” Strategies (You’re Probably Already Using)
Less Common “Green Flag” Strategies (You’ve Probably Never Heard Of)
Use Your Swimming Pool As An On-Premises Employer Athletic Facility
14 Day Augusta Rule – Rent your house and earn tax free income
Implement an Enterprise Risk Management Plan
Though you’ve probably never heard of the less common strategies, they are legal to use and will, in no way, increase your chances of being audited (as long as you follow the rules tied to their use.) If you’re happy “playing it safe,” because you’re afraid of the big, bad red flag, then you must also be happy giving thousands of your hard earned dollars away. However, if you’d like to prevent further loss (or if you want to prevent losing money in the first place), this eBook is here to help. Inside, we’ve help to demystified the 70,000 pages of the IRC so you can start attaining greater wealth even faster.