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When most people think of going through a tax audit, panic sets in. They fear a scary government agent coming to steal from them or find some costly mistake that will cause lots of stress and anxiety for them or their family.
Here’s the thing: a tax audit is not scary. And it’s not a shakedown.
If your books are clean, you have nothing to fear.
An audit is just a formal examination of the business records. You should be doing that normally anyway, so letting someone else look at them shouldn’t be a problem.
In fact, many large businesses have audits each year to make sure everything was accounted for properly and to be make sure there isn’t any internal theft.
In other words, tax audits are a good thing.
However, if your books are a mess, an audit could be a very unpleasant experience and cause immense stress on you and your family.
So here are 3 Tax Audit tips that you should know before ever being audited. They won’t prevent you from being audited, but they will make your tax audit go as smoothly as possible. [Click to read more]
