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3 Ways to Avoid a Tax Audit

auditTax audits are never fun. Not only do they require a lot of time and paperwork, they can also be a nerve wracking experience. Follow these 3 Ways to Avoid a Tax Audit:

Keep Good Financial Records

One of the best ways to avoid a tax audit is to keep good financial records. Sloppy bookkeeping can lead to mistakes, and those mistakes can end up resulting in an audit. There are several software packages that help business owners keep their financial records organized, but it can often be just as cost effective and save time to hire a bookkeeper to help manage financial records.

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Flags that Trigger Tax Audits

auditWhen filing your taxes, the last thing you want months or even years later is a letter from the IRS stating you are in line for an audit. As long as you cover your bases with some simple tips mentioned here, you’ll never have to worry about that letter coming in the mail.

Flag #1: Mismatched Accounting

Make sure all taxable income is reported. The IRS gets all copies of 1099’s & W-2’s you receive. A mismatch sends a red flag, and causes IRS computers to spit out a bill. If a 1099 or W-2 is incorrect, make sure to get with the issuer to file a correct form with the IRS.

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