Dodging the IRS - Preventing an Audit
Around one percent of the American population gets audited every year- a number the Internal Revenue Service (IRS) states is going to be rising soon. Even if odds are that you won’t see an audit, there are things you can do to prevent such an even occurring- which will save you the hassle and time of going through the mundane process.
The IRS looks for ‘red flags’ when determining who to audit. If you want to stay under the radar, you should avoid such flags. Claiminbg to have a home office is one of the major red flags- as it is widely abused by many. If you do have a home office, make sure it follows the strict IRS guidelines to prevent being audited.
If you have started a personal business in the past 3 to 5 years, and it proves to be unprofitable, you will not have to pay taxes on it, since it will be considered a hobby. This will also set up a ‘red flag’ to the IRS.
Over-the-top deductions are another large red-flag. If you make too many deductions, this is very suspicious behavior. Your tax return advisor will know how much is right, if you need advice.
Being audited is something that most likely won’t happen to you, but if you follow these steps, you may never have to deal with the IRS. If you do, indeed, have something to hide- make sure you try to follow these guidelines to reduce the risk of being caught.
The IRS looks for ‘red flags’ when determining who to audit. If you want to stay under the radar, you should avoid such flags. Claiminbg to have a home office is one of the major red flags- as it is widely abused by many. If you do have a home office, make sure it follows the strict IRS guidelines to prevent being audited.
If you have started a personal business in the past 3 to 5 years, and it proves to be unprofitable, you will not have to pay taxes on it, since it will be considered a hobby. This will also set up a ‘red flag’ to the IRS.
Over-the-top deductions are another large red-flag. If you make too many deductions, this is very suspicious behavior. Your tax return advisor will know how much is right, if you need advice.
Being audited is something that most likely won’t happen to you, but if you follow these steps, you may never have to deal with the IRS. If you do, indeed, have something to hide- make sure you try to follow these guidelines to reduce the risk of being caught.
Around one percent of the American population gets audited every year- a number the Internal Revenue Service (IRS) states is going to be rising soon. Even if odds are that you won’t see an audit, there are things you can do to prevent such an even occurring- which will save you the hassle and time of going through the mundane process.
The IRS looks for ‘red flags’ when determining who to audit. If you want to stay under the radar, you should avoid such flags. Claiminbg to have a home office is one of the major red flags- as it is widely abused by many. If you do have a home office, make sure it follows the strict IRS guidelines to prevent being audited.
If you have started a personal business in the past 3 to 5 years, and it proves to be unprofitable, you will not have to pay taxes on it, since it will be considered a hobby. This will also set up a ‘red flag’ to the IRS.
Over-the-top deductions are another large red-flag. If you make too many deductions, this is very suspicious behavior. Your tax return advisor will know how much is right, if you need advice.
Being audited is something that most likely won’t happen to you, but if you follow these steps, you may never have to deal with the IRS. If you do, indeed, have something to hide- make sure you try to follow these guidelines to reduce the risk of being caught.
The IRS looks for ‘red flags’ when determining who to audit. If you want to stay under the radar, you should avoid such flags. Claiminbg to have a home office is one of the major red flags- as it is widely abused by many. If you do have a home office, make sure it follows the strict IRS guidelines to prevent being audited.
If you have started a personal business in the past 3 to 5 years, and it proves to be unprofitable, you will not have to pay taxes on it, since it will be considered a hobby. This will also set up a ‘red flag’ to the IRS.
Over-the-top deductions are another large red-flag. If you make too many deductions, this is very suspicious behavior. Your tax return advisor will know how much is right, if you need advice.
Being audited is something that most likely won’t happen to you, but if you follow these steps, you may never have to deal with the IRS. If you do, indeed, have something to hide- make sure you try to follow these guidelines to reduce the risk of being caught.
posted by zzzzzzzzzzz at
3:35 AM
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