A Tax Audit defense strategy for Tax season
No one is ever excited when they get notified that they are about to be audited. Even if you have not intentionally dabbled into any illegal acts in filing your tax returns and paying your taxes, you may still be worried when you’re told that the IRS is about to dissect and take a microscopic view at your tax situation.
The purpose of a tax audit is to determine the accuracy and correctness of a tax return. Usually, people make the mistake of thinking that their tax return was selected for auditing by the IRS because they made a mistake or intentional omission or addition on the return and the IRS found out about it. As a result, they begin to panic and have fears that they may owe more money at the end of the audit but that’s not true.
There can be some situations where a tax return is selected for an audit because of a mistake, but in many cases, the IRS just looked at your returns and has few questions to ask. It is not necessary that they have spotted mistakes. There is no need to fret when you get notified of an audit. You just need to have the right knowledge.
IRS audits come in different forms, they include:
- Correspondence audit or mail audit: They tend to be simple and small cases.
- Office audits: This is when you get an appointment at the IRS office and you need to go in to see your auditor with all your documents.
- Field audits: This tends to reserved for the biggest cases. The IRS sends an auditor to come out to you personally and the auditor can come as many times as they need to figure out what you actually owe.
If you get notified that you are being audited, you may become uneasy and try to see if you can avoid it. Unfortunately, there’s no way to make it go away or avoid it. One thing you can do, however, is to create a defense strategy for yourself ahead of the audit.
Even though every individual case differs due to different tax situations and the type of audit they’re undergoing, the following strategies will generally help anyone who is about to be audited.
The key to a successful audit is preparation and organization.
- You need to prepare by going through your returns, reviewing all your records, and trying to predict what’s going to happen and handle it the best way possible.
- You must organize your records in such a way that’s going to highlight your strengths and mitigate your weaknesses.
- You need a thorough understanding of what kind of audit you’re going through, and who your auditor is.
- You need to know your records inside and out.
Your case may be peculiar to you and you may be confused about the technicalities involved in the process of tax auditing. We have experts who can get down to the specifics of your situation and craft out strategies tailored specifically for your case to help you make the best of your situation.
If you find yourself in a position where you are being audited, do not panic or stress, call us, we’ll take care of you.
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