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Why Tax Planning is Crucial for Business SuccessTax planning is a critical component of business success as it helps minimize tax liabilities and maximize profitability. By strategically managing expenses, deductions, and credits, businesses can reduce their overall tax burden. Effective tax planning also involves forecasting and budgeting for future tax obligations, ensuring that the business […]

What Triggers an IRS Audit?An IRS audit can be triggered by various factors, including discrepancies between reported income and third-party information, high deductions relative to income, or claims for certain credits. The IRS uses a computerized system to flag returns for review, looking for red flags such as significant changes in income or unusual deductions. […]