Taxpayers find ways to avoid a tax audit. So they require crucial steps to minimize chances of being audited by the IRS. Tax audits from the IRS add a lot of stress on business owners if they are not keeping their records well. With the help of a CPA Phoenix AZ , you can reduce your taxable income legally. In this blog, we will explore the tips to avoid a tax audit. Let’s get started. 1. Report all your income Taxpayers ought to report all income, which includes stocks, trades, or crypto currency transactions. Audits need to be taken seriously. Taxpayers should hire a professional to help you prevent mistakes and guide you regarding an audit. If your business suffers a net loss more than twice, it will come under the red flag. 2. Give more details if required The job of an auditor is to go into the core intricacies of transactions, including income, expenditure, profits, and losses. So, it’s important to maintain clarity and provide detailed information to the auditor.
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