Top 7 Tax Mistakes to Avoid


3. Claiming unfounded deductions

Unfortunately, there are still many business owners who are inclined to deduct a whole bunch of things, none of them related to their line of work. But even if you might fool the IRS and make a small buck here and there, this practice can easily put you in big trouble. Be careful about what you choose to deduct, even if you label them as office supplies, as these may also be audited. Nothing is worth being audited by the IRS or, in the worst case scenario prosecuted, so don’t waste your time deducting something you didn’t really use for your business.

 Top 7 Tax Mistakes to Avoid

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