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Watch schedule C business deductions. If you have a small business consider forming a sub chapter S corporation. There is always of suspicion that business deductions on schedule C are mixed with personal expenses.

A sub chapter S corporation is clean and you can have a separate bank account for it. You issue yourself a K-1 with any profit or loss and it goes on one line on the 1040.

I have been doing this for 10 years no with no audits of my sub chapter S corporation.


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