WORDS FOR THE WISE.

 
 
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  • Theresa Valade

Want to save? – Don't do this.

If you want to save money for your business, there are plenty of legitimate ways to save money on taxes.



However, here are ways to NEVER save money on taxes:

1. Not Pay Really? You’re just not going to pay your taxes? Thanks to technology, not paying in your taxes — payroll or otherwise — is something that’s easily discovered by the tax authorities and will create enormous headaches down the road. Don’t do this. 2. Run Personal Expenses Through Your Business Hey, why not just run that dinner with your spouse through your business? Who’s gonna know? The IRS will know! It’s not just about the dollar amount. If the IRS finds many instances of this, it smells of fraud and breaks down your credibility. 3. Forget to Record Revenues Ever go to those little family-owned restaurants that don’t accept credit cards? Is it just to save on fees? Maybe. Sometimes operating as “cash only” is also an attempt to hide revenues. Suspiciously low revenues are one of the biggest IRS tax audit triggers. 4. Falsify Records Never, ever, ever change documents. This is not an innocent mistake. If you’re doing this, then you’re willfully evading taxes.


People make mistakes, people misunderstand the rules, that’s why you need a good, knowledgeable CPA.

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