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Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits by Russell Fox

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Dear Valued Taxpayer: When You Hear from the IRS

The nine most terrifying words in the English language are, “I’m from the government and I’m here to help.”

—Ronald Reagan

One of the most terrifying events for a business owner (or for any taxpayer) is receiving mail from the IRS. Perhaps the scariest possible Halloween costume is that of an IRS auditor. If you really want to put fear into someone, just say, “I’m from the IRS and I’m here to help.”

As will be discussed in this chapter, the more successful you are, the more likely you are to be audited. The IRS is a collection agency. If you make $100,000 and your neighbor makes $1 million, and ...

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