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Business owners far and wide know there is one thing you try not to do: get the IRS involved. The best (and only) way to make this happen is to be careful and make sure you are doing everything correctly. We’ve compiled some activities that could be red flags to the IRS and could result in an audit. The best way to avoid an audit is to run your business in an honest and healthy manner.
Something as simple as consistently filing your taxes late can be a red flag and attract the IRS’s attention. This is easy to avoid. Making what seems to be an unreasonably high salary can draw attention to your business, as well. Whether the employee is also a shareholder of the company or if they are given a raise dramatically, it could very well result in an audit
There’s so many “what not to do’s” with your money that sometimes you’re not really sure what to do with it at all! Part of running a business is being able to control where your cash goes and how it’s being used. Being proactive and preparing for the future is the best course of action when it comes to running a business. Don’t let surprise expenses stress you out. Instead, beat them to the punch.