Mesa Money Minute

Audit Proof Your Small Business Part 2


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Last week we gave you the first four tips for audit proofing your small business. Here are four more valuable tips. (5) Use technology. The options are endless and your CPA can help you decide what's best for you. (6) Understand what is deductible. Of course you will need your CPA's help from time to time, but having a general understanding of how tax deductions work will help you stay organizer. (7) Remember, only your business can make business deductions. If your employees spend their own money on business expenses, they cannot deduct them. Try a reimbursement policy instead. (8) Track donations meticulously. Donation expenses are one area the IRS looks at thoroughly. Be sure to keep the thank you letters the organization sends you. 

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Mesa Money MinuteBy Gina Tallman