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New businesses have all sorts of misconceptions in the filing of their taxes. Some businesses believe they can write-off any initial start up cost of running the business. Other businesses think they can avoid an audit by overpaying the IRS. Unfortunately, overpaying the IRS will never help a business completely avoid an audit. The only way a business can truly avoid an audit is by taking the tax process seriously and trying to be as accurate as possible. A business should simply be sure to get good advice from tax professionals and record all of its expenses throughout the year.

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14y ago

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