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In this tutorial, the focus is on bank deposit analysis, a crucial element in every IRS audit. A bank deposit analysis involves the IRS examining all deposits into a taxpayer's personal or business account to determine whether they constitute taxable or non-taxable income. The challenge arises with cash deposits, as it is difficult to ascertain their source—such as whether they stem from sales or employment. As a taxpayer or business owner, it is your responsibility to provide documentation that clarifies why certain deposits are non-taxable, like money from a credit line or escrow. In contrast, IRS scrutiny becomes more straightforward with checks, as they clearly indicate their source.
