Christina Lael discusses how she helps entrepreneurs reduce their taxes while growing their businesses.
Listen to the interview on the Business Innovators Radio Network:
Christina explained: “I am a Tax Attorney and a CPA with 10+ years experience. As a business owner, you are likely always looking for ways to optimize your tax situation and minimize your chances of an IRS audit. However, even if you do everything right, there is always a chance that you could be audited. If that happens, don’t panic – just follow the IRS’s instructions and cooperating with them. Following these four tips will help you avoid an IRS tax audit. You can get through an IRS audit without major problems with a little preparation.”
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Here are four essential tips to help avoid an IRS tax audit:
- Keep accurate and complete records
This may seem like a no-brainer, but business owners must keep accurate and complete records of all their income and expenses. The IRS has specific requirements for what types of records they must keep, so make sure to understand those requirements. If business owners don’t have good records, defending themselves in an audit will be very difficult.
- Make sure your return is error-free
While business owners want to ensure their return is as accurate as possible, even minor errors can trigger an audit. If business owners are preparing their own returns, take the time and double-check work. When using a tax preparer, make sure to review the return before it is filed.
- Avoid red flags
Certain things will make the return more likely to be selected for an audit, such as claiming large deductions or reporting a very high income. If business owners can avoid these red flags, they will reduce their chances of being audited.
- Be honest
This may seem obvious, but it is essential to remember that honesty is the best policy when it comes to taxes. It is not worth the risk, so play it safe and be honest on preparing the tax return.
About Christina Lael
Christina Lael is a Certified Public Accountant, an attorney, a Certified Tax Planner, and a self-proclaimed “tax nerd.” She reads case law like some people binge-watch Netflix and gets excited when she discovers anything new. Apart from spending time with her family and playing golf or tennis, nothing gives her more pleasure than seeing the reaction her clients have when she demonstrates how much their new tax plan will save them.
She is positively obsessed with helping clients structure their businesses in a way that legally saves them the maximum in taxes, funds their retirement accounts quicker, and avoids astronomical taxes when/if they sell.
Christina is one of only 60 tax coaches certified by the American Institute of Certified Tax Planners, the premier organization providing ongoing education in proactive tax-planning strategies.
Christina is a frequent guest on popular podcasts, frequently speaks on changes in tax regulations, has released the book Thinking Outside The Tax Box, and is a popular instructor for several continuing education providers.
Learn more: https://freedomtax.io/