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Tuesday Tax Tips 3/26 @ 6pm

Average IRS audit results in taxpayer owing more than $11,000 in additional tax.<br>
Average IRS audit results in taxpayer owing more than $11,000 in additional tax.

Through a study of IRS audits these factors has been determined to be top audit items.

    The IRS is finding that business owners are deducting personal travel, meals and entertainment expenses as business deduction

    IRS is also finding individual are duplicating interest expense deduction on both their itemized deductions and on their small business or farm deduction.

    Employment expense greater than $50,000 is very suspicious.

IRS auditors have been instructed to conduct extensive comprehensive audits targeting:
Construction contractors.   Specifically looking at
    General Carpentry
    Flooring
    Drywall
    Plumbing
    Masonry
    Roofing
    Framing
    Painting
    Foundation

Results of Construction audit has been average additional tax due over $28,000.00
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