Would you survive the 'Santa audit'?

Uh-oh. Santa's tax return is being audited. He claimed the standard mileage rate on the sleigh, but didn't keep a mileage log! He needs to find his receipt for sponsoring the Reindeer Games. His inventory at the end of the year, and every year, is zero - that's suspicious! Worst of all, he paid the elves as independent contractors instead of employees! Yeesh.

Santa could have benefited from professional tax planning!!

The time is now to strategically plan to stop wasting money on taxes you are not required to pay.

Bloomberg News Service reports that the Internal Revenue Service will audit 6,000 U.S. companies to determine whether they pay all their required employment taxes.
The IRS said the audits will show how often companies (a) misclassify workers as contractors in order to reduce tax obligations, (b) fail to pay taxes on fringe benefits such as personal use of company cars, and (c) improperly pay taxes for company executives.

The IRS is especially suspicious of Sole Proprietorships. Expect the bulk of the audits to hit unincorporated small businesses.

Part of strategic tax planning is taking action that will increase your chances of surviving an audit.

The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!