184 \\ The $2,500 Tax Election That Can Save You Money and Prevent an IRS Audit
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Wed 12 Feb 2025
- Episode Link
- https://smallbusinessfinance.podbean.com/e/184-the-hidden-tax-mistake-that-could-put-your-business-at-risk-of-an-audit/
In this episode, Tiffany uncovers one of the most overlooked tax elections that can protect your business from costly mistakes and IRS audits. If you own a business and purchase equipment, computers, or other fixed assets under $2,500, this simple de minimis election can allow you to fully expense them in the year of purchase instead of depreciating them over time. Failing to make this election could mean overpaying taxes and increasing audit risk. Tiffany explains how this election works, why it matters, and why preparing your own return—or working with a CPA who doesn’t specialize in business tax—can cost you. Learn how to reduce taxes, avoid IRS red flags, and keep your business audit-proof with the right tax strategies.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
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