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GreatFX Business CardsSmall Business Buzz › What IRS Auditors Look For

Small Business Buzz
A doubleshot of business news espresso with extra froth
What IRS Auditors Look For

As an entrepreneur, you may have or know someone who has been audited by the IRS. If an audit is in your future, stay calm and understand what the auditor will be looking for…

1) Did you report all of your business sales or receipts?
2) Did you write off personal living costs as business expenses?
3) Does your lifestyle square with your reported income?
4) Did you take cash or otherwise divert income without declaring it?
5) Did you write off personal auto expenses as business?
6) Did you claim personal costs as business expenses?
7) Are you filing payroll tax and making tax deposits for employees?
8) If you hire people you call “independent contractors,” are they really employees?

What Auditors Look for When Examining a Business

Recommended Reading:

Top 20 Tips for Surviving an Audit
How to Reduce the Chance of an Audit
Audit Technique Guides by Industry

Related Buzz Posts:
IRS Audit Triggers
The Right Way to Write-Off Business Expenses (Part 1)
The Right Way to Write-Off Business Expenses (Part 2)
Preparing for an IRS Audit

By Chris Brunner
Wednesday, November 30th, 2005 @ 9:49 AM CDT

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