FAS Bookkeeping & Tax Services

Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Schedule C Filers 3 times likely to be audited by the IRS

Schedule C Filers 3 times likely to be audited by the IRS

Are you a small business owner filing Schedule C on your individual income tax return and with an annual income over $100k? if yes, you  are at a higher risk of being audited by the IRS. Here are key audit triggers for Schedule C filers:

  • Large deductions that significantly offset income
  • Repeated hobby loss write-offs
  • Claiming 100% business use of a vehicle
  • High deductions for meals, travel, and entertainment
  • Home office deductions
  • Rental losses
  • Claiming the Research and Development Credit
  • Receiving significant cash income (Form 8300 for amounts over $10,000)

Interested to get more information on how to be tax compliance and IRS audit ready? Contact us today!

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