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I'm not a big sports fan, but I WAS a cheerleader in high school so I know enough to be dangerous. I know that it takes strategy and execution to win the game.

Winning at the tax game requires strategy and execution as well. What does not work is listening to the chatter in the stands. And when it comes to the IRS and your business, you want to be very clear about the appropriate tax laws that allow you to be successful. IRS tax audits cost you time and money and is a distraction to your business operations.

In order to avoid those types of distractions, we recommend that you operate with integrity and within the law. Here are a few tax tip triggers that you should be keenly aware of:

Missed tax deadlines - it shows that you may be unorganized, scrambling to find accurate records or re-creating records to benefit your situation

Claiming too many business expenses - nobody stays in business if they are reporting losses every single year - your expenses should be ordinary and necessary for your line of business

Claiming 100% business purposes on a vehicle - unless it is a heavy duty vehicle; even the most dedicated entrepreneur will use a vehicle for personal purposes from time to time. This is a red flag...so just be sure you can support the claim with copious notes & records.

My advice: Don't take general tax advice from the airways. Make sure you are working with some you trust who has your best interest in mind.

Follow our YouTube channel @Valaise Smith for more tips like this.

#accounting101 #accountingbasics #accountingtips #accountingsupport #smallbusinessaccounting #smallbusinesstax #taxbusiness #taxexpert #investinyourbusiness #triedandtruefs #letstalkmoney


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