How To Reduce The Chance Of An Audit By Over 50
Perhaps you've been thinking about making a change in your
Choice of Entity. Maybe you've been asking, "What type of
Business , Treat Yourself With A Rewards Credit Card Entity should my business , Whats In An Investment Newsletter be?"
By "Business Entity", I mean the legal structure of your
business , Buyer Beware , and there are basically five from which to choose:
Sole Proprietorship Partnership Limited Liability Company , Savings Accounts (LLC)
"C" Corporation "S" Corporation
This is not a question that is easily or quickly answered. There
are many factors to consider, and here's one that is often
overlooked:
If you are a Sole Proprietorship, your odds of getting audited
are two, three or even four times greater than the other entity
types.
Take a look at the following chart of IRS audit rates , Which Uranium Development Companies Will Be The First To Commence Operations for Year
2002:
INDIVIDUALS -- with Schedule C Sales: < 25,000 ................
2.63% 25,000-99,999 ........... 1.13 > 100,000 ...............
1.36
C CORPORATIONS Assets: < 250,000 ............... 0.22% 250,000 -
1M ............ 0.73
S CORPORATIONS .......... 0.42%
PARTNERSHIPS/LLCs ....... 0.27%
Now let's analyze the numbers by comparing the Schedule C audit
rate , No Teletrack Cash Advance Avoiding Financial Difficulties s with those of the other entity types. Do you see the
difference?
Depending on your sales, the audit rates , Time Diagonal Spreads How To Calculate The Volatility Of The Spread for Sole Proprietors
range from 1.13% to 2.63%, compared to the rates , Getting 100 Financing With Bad Credit Is No Down Payment A Good Idea of 0.22% for
small "C" Corporations, 0.27% for Partnerships and LLC's, and
0.42% for "S" Corporations.
Of course, all these audit rates , Finding Online Financial Advice are still relatively low,
especially compared to previous years. And even at 1 to 2%, I
hope you like the odds of not getting audited.
But if you are looking at the pros and cons of incorporating
your Sole Proprietorship, you should be aware that making a
switch will improve the odds in your favor even more.
Should you form a corporation simply to lower the chances of
being audited? Of course not. But if there if have other
compelling reasons to incorporate, these lower audit rates , Home Improvement Loan Calculators are
the icing on the cake.
NOTE: The above statistics are taken from an Excel spreadsheet
freely available at the IRS website. This spreadsheet shows
audit rates , Simple Credit Cards What You Should Know for all types of returns for years 1996 through
2002. http://www.irs.gov/pub/irs-soi/rtctab6a.xls
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