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.
This is not something that you are going to be able to accomplish if you are unable to provide check slips, payment statements other tangible forms of evidence for your earnings. You'll need to show that you are actually qualified to receive any and all of the deductions that were claimed. Put every document that was used in the filing process together so that no questions are left unaddressed.
If you have worked with an accountant, financial planner or tax professional before, contact these individuals as soon as you possibly can. Discuss the details of your circumstances and ask for all of the documents that these individuals used when filing taxes on your behalf.
If you need more time to gather all of the paperwork, request an extension or a delay in the audit. Don't rush, make sure you have all of the documents you need to support all of the claims you made in your taxes.
Keep your expectations realistic. In fact, consider lowering these a bit. Whenever people get audited, they usually have more taxes to pay. It is rare to get through an audit without realizing additional tax obligations. Your goal is to limit the amount of additional money that must be paid. With good preparation, organization and honesty, you can minimize the stress and financial harm of this process.
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.
This is not something that you are going to be able to accomplish if you are unable to provide check slips, payment statements other tangible forms of evidence for your earnings. You'll need to show that you are actually qualified to receive any and all of the deductions that were claimed. Put every document that was used in the filing process together so that no questions are left unaddressed.
If you have worked with an accountant, financial planner or tax professional before, contact these individuals as soon as you possibly can. Discuss the details of your circumstances and ask for all of the documents that these individuals used when filing taxes on your behalf.
If you need more time to gather all of the paperwork, request an extension or a delay in the audit. Don't rush, make sure you have all of the documents you need to support all of the claims you made in your taxes.
Keep your expectations realistic. In fact, consider lowering these a bit. Whenever people get audited, they usually have more taxes to pay. It is rare to get through an audit without realizing additional tax obligations. Your goal is to limit the amount of additional money that must be paid. With good preparation, organization and honesty, you can minimize the stress and financial harm of this process.
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