Barbara Schreihans, CEO and Founder of Your Tax Coach, addresses the common fear of an IRS audit among business owners. She highlights the importance of educating oneself on tax matters to alleviate anxiety during tax season. Maintaining accurate and organized records is crucial in reducing the risk of an audit. This involves saving receipts, utilizing accounting software, and monitoring financial statements regularly to ensure accuracy and identify discrepancies promptly.
Schreihans emphasizes the value of consulting with a tax professional to create a personalized tax strategy. Hiring a qualified professional can help business owners maximize deductions, minimize tax liabilities, and plan for future growth. It is essential to communicate clearly with the tax professional about financial goals and meet with them regularly to stay informed and compliant. In the event of an audit, requesting an extension to gather proper documentation and working closely with a tax professional can help navigate the process effectively.
Staying informed and compliant with tax law changes is key to avoiding common mistakes and reducing the risk of an audit. Schreihans encourages business owners to leverage social media, books, workshops, and conferences to stay updated on tax regulations. By maximizing tax deductions and taking advantage of legitimate tax credits, business owners can focus on growing their business without the constant worry of an IRS audit. Utilizing the strategies outlined by Schreihans can help business owners navigate the complex world of taxes with confidence and ease.
The information provided in the article is not intended as investment, tax, or financial advice. Business owners should consult with a licensed professional for advice tailored to their specific situation. The Forbes Business Council is recognized as a leading networking organization for business owners and leaders, offering growth opportunities and resources for qualified individuals. Schreihans’ insights serve as a valuable resource for business owners looking to navigate tax complexities and mitigate the risk of an IRS audit.
