R
reklaw
Guest
I am a new sole proprietor of a business. This year I had expenses of $18,010 on a gross income of 84,180. My question is this: Does an 18 grand total deduction on my Schedule C pose a red flag for an IRS audit for someone with my income and being self employed?
Like I said, I am a new sole person in my business and I have heard that the IRS scrutinizes the self employed and I just wanted to know if there are red flag limits for audits for us self employed.
I know the standard answer of "If you spent that much and can account for it, then no problem". But if this is going to trigger a red flag, then next year I am not going to spend as much on my business.
Thank you in advance for your answer.
Reklaw
Like I said, I am a new sole person in my business and I have heard that the IRS scrutinizes the self employed and I just wanted to know if there are red flag limits for audits for us self employed.
I know the standard answer of "If you spent that much and can account for it, then no problem". But if this is going to trigger a red flag, then next year I am not going to spend as much on my business.
Thank you in advance for your answer.
Reklaw