People prefer to avoid being audited, particularly by the Internal Revenue Service (IRS). Unfortunately, thousands of individuals and businesses receive annual notices from the IRS requesting additional information or an audit.
But taking a few steps can help ensure you remain in good graces with the IRS.
First and foremost, make sure that you file your taxes on time.
Missing the deadline for filing an extension can result in hefty fees and a greater chance of being audited. Additionally, you will want to ensure the information you file is accurate and complete. Falsifying information or omitting vital records increases your chances of being selected for an audit.
In addition to timely filing and accuracy, keep detailed records.
The IRS may request to see your records anytime, so ensure you have them accessible and quickly located. If you are self-employed or own a business, keeping accurate records of all income and expenses related to running your business is essential.
Be mindful of any significant changes or deductions on your tax return, and provide ample documentation for those items.
Depending on the situation, you might need to provide additional information to support your claims, so having this ready ahead of time can make the process go more smoothly.
Finally, when in doubt, seek a qualified accountant or tax professional from The Oasis Firm who can help you properly prepare your taxes and avoid any issues when filing.
When it comes to taxes, the best route is always to be prepared. Taking a proactive approach to ensure everything is filed on time with accurate information can go a long way in staying out of trouble with the IRS and avoiding an audit.
By taking the time to understand and comply with all regulations, you can keep your taxes organized, ensuring that if an audit does occur, it will be a manageable process. Being informed is key when it comes to staying in the good graces of the IRS and avoiding an audit – so make sure you have the facts before filing your taxes.
Once you’re prepared, you can rest easy knowing that you’ve taken the necessary steps to comply with the IRS and keep your taxes in order.
The Oasis Firm is here to help those who need guidance regarding their tax filing questions and responsibilities. Our knowledgeable team of experts have years of experience in navigating the complexities of taxes and can help you get on track. Contact us today for a consultation and start your journey to financial stability!
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