Mar 10, 2011

Avoiding aTax Audit by Janet Hunt on the YCN

The words "tax audit" strike fear into the hearts of business owners as well as individual tax payers. A tax audit is not the end of the world; and chances are, if you have documented your finances well, you will emerge "unscathed." While you cannot be 100% certain you will not be audited by the IRS, there are several precautions that will reduce the probability of an audit.


Save all your receipts and document all expenditures you will report on your tax return. Tax filing time is not a good time to rely on memory. Do not claim deductions you are not entitled to receive. If you are unsure if you qualify for a specific deduction or do not have the documentation to back it up, your tax preparer can help determine if you qualify. You should retain all records and receipts for your tax returns a minimum of three years. This will save you headaches down the road if you are audited for a previous year's...Go here for the rest!

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