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How to make your home business audit-proof

books30364900.jpg When you begin a home business one of the things you may be worried about is paying your taxes and doing it correctly. The IRS does their job to keep tax payers honest and to be sure that they are calculating everything properly. What the IRS will need with an audit is to check on your books and to make sure everything is properly prepared so they can check on the books and to be sure that you didn't make a mistake. So what can you do to make the audit less stressful? Here are some tips that can help.

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What you need to know about being audited

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You're being audited! The words you never want to hear and create panic in everyone. Being audited takes time, and will most likely cost us more money. The IRS has 3 years from the date you filed your taxes to request and audit, unless they actually suspect you; then they can go back as far as 6 years. This article will provide you with a little more information about what you need to know about being audited.

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Pros and Cons of internal audits

moneyguys67954028.jpg Internal auditing is a consulting activity involved in advising organizations on how to improve and achieve their objectives. It is a systematic methodology for analyzing business processes and recommending helpful solutions. Professional internal auditors are employed by companies or organizations to perform these various activities; some of the auditing may involve internal control topics such as the reliability of financial reporting, investigating fraud, or compliance with laws and regulations.

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