Sunday, May 13, 2007

Keeping Your Small Business from Falling in the “Tax Gap”

The IRS has developed an equation for reducing the “tax gap” (the amount between the taxes that should be paid and the amount that is actually paid), and the equation was provided compliments of the recent SSA/IRS Reporter:

SERVICE + ENFORCEMENT = COMPLIANCE

How will this affect the small business owner?

Staying in “compliance” with the following obligations will ensure that your small business is not an audit priority for the IRS:

Business Income and the Tax Gap
Cost of Goods Sold (COGS)
Third Party Reporting
Home Office Deductions
Car and Truck Expenses
Depreciation
Business Supply Deductions
Travel, and Entertainment and Gift Expenses

For more information regarding these issues and how the affect your small business visit the following links:

IRS Tax Gap Website:

http://www.irs.gov/newsroom/article/0,,id=158619,00.html

Get the facts and keep your Business N Synergy

www.thebricogroup.com










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