As a small business owner, you may assume the IRS isn’t concerned with your tax liability. However, this assumption couldn’t be further from the truth. In fact, reports suggest that the IRS has increasingly targeted small businesses for audits in recent years.
While the government may not be interested in your business before it turns a profit, it’s important to pay attention to your tax responsibilities in the early stages of formation in order to maximize deductions and prevent liability issues moving forward.
Read Article: http://quickbooks.intuit.com/r/taxes/new-small-business-5-things-to-know-about-federal-income-taxes/