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 BANK DEPOSITS TAX RETURN Formalu 2022

62a863 Local Deposit Summary Report 2022-2024 Form

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So today we're going to be talking about the bank deposit analysis and how this is essential to every single IRS audit so what is a bank deposit analysis it's where the IRS will analyze all the deposits coming into a bank account that you own either personal and business and determine whether the deposit is taxable or non-taxable income now as you can imagine if you're depositing cash it's a little bit hard to tell the source of that money whether you sold a car or whether you got paid for work that you've done so your obligation as a taxpayer business owner is to establish that with some kind of documentation as to why the deposit was non-taxable income for instance if you took money from your credit line and had the money transferred in or if you receive money from escrow it's going to be a little bit hard to tell whether that you know what the source of that was and whether it should be taxable income on the other hand if you uh get a check that was deposited and Iris shows you a c

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