getty As we enter tax season, business leaders may feel uneasy—this year in particular. With the IRS adding more resources for audit enforcement and planning to double the number of audits , you may wonder if your business will face more scrutiny than in previous years. You may also wonder if taking advantage of legitimate business tax credits will put you at greater risk for an audit. As we approach April 18, how can you best prepare your tax returns—and your business as a whole—to stand up to the IRS? At the same time, how do you turn in a timely, well-executed tax return that maximizes available credits? The answer is deceptively simple: Keep calm, and get organized. The Importance Of Organization As with many things, sooner is better. If you’re a business owner, you should start reconciling all your bank accounts as soon as possible. You also should start working with your accounting team, or with a CPA—and make sure that they have everything they need from you. There are no special hoops to jump through; rather, you need to take the (not particularly exciting, but absolutely necessary) steps to make sure all of your financial documents and […]
Maximizing Credits, Minimizing Risks: What Business Leaders Need To Know Ahead Of Tax Season
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