IRS data indicates that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that’s where larger amounts of underpaid taxes might be found.
In addition, certain taxpayers face more scrutiny because of how they earn their living. Self-employed individuals generally, those who file Schedule C, Profit or Loss From a Business—may be audited more than other taxpayers. The same is true for professionals and business owners, who could see their business as well as their individual tax returns examined. The bottom line is that taxpayers with relatively high incomes as well as those who have control over their workplace bookkeeping can expect to face IRS queries at some point.
As we enter the last leg of tax season, you may be wondering just how you’re going to get it all done. Being a business owner is a lot of responsibility and accounting may be the last thing on your mind. But what if get audited? The you’re going to want the best CPAS in Albuquerque. If you are looking for Albuquerque Accountants so that you can focus on running your business, give Atkinson and Co. a call.
Here is a helpful guide – The 2016 Tax Pocket Guide from Atkinson Certified Public Accountants.
Tax season is scary enough with a good accounting team in place, but when you have to find the time to do it for yourself, you may not be getting all of your deductions. There are many common items that business owners overlook during their tax preparations. A qualified and certified public accountant has resources and the ability to focus on singular financial issues that you don’t have time to address during the hectic schedule you keep running your business. Do yourself a favor and at least sit down with a cpa in Albuquerque. You may be surprised by the amount of money you’ll actually save.
Here’s an article from Jay Walton Automotive that will help you sort out what to do if you get in an accident.
“What do I do after an accident? If you’ve been in an car wreck, the first thing you need to do is make sure you, your passengers and anyone else involved is safe and not in immediate danger from on coming traffic. If you or someone else is injured call 911 Immediately! Stay Calm, assess your situation.” more
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