How To Trigger An Audit [E154] - Business By The Numbers
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About this episode
Thanks to our partners, NAPA TRACS and PromotiveWelcome to this week’s episode of Business by the Numbers with Hunt Demarest, CPA. Today, we’re taking a deep dive into how certain actions or oversights could put you at risk for an IRS audit. By understanding these triggers, you can better safeguard your financial health and avoid unnecessary complications.Learn about common mistakes like underreporting income and how they can put you on the IRS’s radar.Discover how gambling winnings and losses can attract scrutiny.Explore why industries like art, wine, and horses often face extra attention from the IRS.Understand why amending a Schedule C return can almost guarantee an audit.Tips to avoid an audit, such as maintaining accurate documentation and working with knowledgeable tax professionals.Stay informed to protect your business and personal finances from unnecessary IRS scrutiny.Thanks to our partner, NAPA TRACS Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comDownload a Copy of My Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/