One of the things we hear most often is, "The taxes are killing us!" or "If we accept cash, we don't have to report it so we save money on our income taxes." Look... we know you want to save as much money for yourself as possible, but accepting cash so that money doesn't flow through your business, or other schemes to save on possible tax bills, will not benefit you in the long run. Eventually, the tax man comes and we want him in and out and on his way as quickly as possible.
Are you currently doing your own taxes for your business?
If so, did you know that you are up to five times more likely to be audited by the IRS than if you have a licensed CPA complete and submit your taxes? The IRS currently audits less than 1% of all tax filings, but the bulk of those it audits are of self employed persons.
These are the IRS Audit Odds and the difference between if you're a W-2 Employee or a Schedule-C Self-employed individual:
Adjusted Gross Income
Schedule-C Self Employee
$1 to $25,000
$50,000 to $75,000
$75,000 to $100,000
$100,000 to $200,000
$200,000 to $500,000
According to https://www.mileiq.com/blog/irs-audit-odds-self-employed/
So, how can you save yourself on taxes AND save yourself the worry of a tax audit?
With a tax strategy that enables you to maximize your income, decrease your tax burden, and bring you the peace of mind knowing that you have made decisions based on a complete tax strategy.