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TAXES
Savvy strategies to help reduce your taxes
Audit Survival
If your small business gets tagged for an IRS audit, here are four tips to help you survive:
Contact your tax professional and make sure he can represent you before the IRS Consult with your tax professional to prepare for the initial meeting with the IRS agent Ask the IRS examiner to communicate only through your tax professional If an on-site audit would interrupt your business, ask that the audit be performed at your tax professional’s office
Rollover Retirement
You just ditched the corporate job for self-employment. Congrats! But what should you do with that retirement account from your previous employer? One option is rolling it over into another qualified retirement plan, such as an IRA. After you receive the distribution from your employer’s plan, you must complete the rollover within 60 days. For more info, go to www.irs.gov/taxtopics/tc413.html and check out Tax Topic 413, Rollovers from Retirement Plans.
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