You were recently informed that the IRS plans to perform an audit. On You. Yep, you. This hasn't happened to you before. You're nervous, you don't know what to think, what to expect, or who to call. Should you call someone? What should you do?
Prior to your audit, try not to panic and instead, start getting things together. How do you prepare? Well, there are a few ways to make it through an audit successfully. First, start gathering all of the tax documents, wage information and reports that pertain to the period in question. Your job is to show the IRS that all of your earnings have been reported.
You can't do this if you can't show them payment reports, check slips, or some form of tangible evidence of what you earn per pay period. You also need to convince them that you qualified for all of the exemptions and deductions you claimed. Organize every piece of paper you used to file your taxes and make sure you don't leave any unanswered questions.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
Don't expect too much. You should probably lower your expectations a bit. If you're audited, you likely will have to pay an additional amount of taxes. Rarely, you can escape an audit without having to do so, but you likely will. Your goal should be to avoid paying too much. If you're organized, prepared, and straightforward, you will come out of your audit without too much harm or stress.
Prior to your audit, try not to panic and instead, start getting things together. How do you prepare? Well, there are a few ways to make it through an audit successfully. First, start gathering all of the tax documents, wage information and reports that pertain to the period in question. Your job is to show the IRS that all of your earnings have been reported.
You can't do this if you can't show them payment reports, check slips, or some form of tangible evidence of what you earn per pay period. You also need to convince them that you qualified for all of the exemptions and deductions you claimed. Organize every piece of paper you used to file your taxes and make sure you don't leave any unanswered questions.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
Don't expect too much. You should probably lower your expectations a bit. If you're audited, you likely will have to pay an additional amount of taxes. Rarely, you can escape an audit without having to do so, but you likely will. Your goal should be to avoid paying too much. If you're organized, prepared, and straightforward, you will come out of your audit without too much harm or stress.
About the Author:
Find the services for tax mediation Kansas City residents are raving about by viewing our web pages right now. To know more about our services for bank levies and wage garnishment, take a look at http://kctaxmediation.com/ today.