What to do when the IRS comes calling

11/28/2012 | Fox Business

Small-business owners hit with an IRS audit should keep in mind four simple steps, CPA Kemberley Washington writes. First, if the IRS claims the business losses are for a hobby instead of a legitimate business, dispute that with evidence of your firm's marketing plan, past profits or other strategy. Second, use an audit as a chance to claim deductions you might have missed, such as mileage. Other tips: Use nontraditional means to substantiate deductions, and consider getting professional assistance.

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