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?
Never panic before getting audited, just take some time to get ready. How should you get ready? Well there are several ways to survive an IRS audit. You should start by getting all of your tax documents, wage statements and financial reports together. You have to show the IRS that all of your income has been reported.
You won't be able to prove this if you are unable to show all of the check slips, payment statements and other evidence of your earnings. You will additionally need to prove that you are actually qualified for each of the deductions or exemptions that you've claimed. Organize all of the documents that were used as part of the filing process so that no questions remain unanswered.
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.
Never panic before getting audited, just take some time to get ready. How should you get ready? Well there are several ways to survive an IRS audit. You should start by getting all of your tax documents, wage statements and financial reports together. You have to show the IRS that all of your income has been reported.
You won't be able to prove this if you are unable to show all of the check slips, payment statements and other evidence of your earnings. You will additionally need to prove that you are actually qualified for each of the deductions or exemptions that you've claimed. Organize all of the documents that were used as part of the filing process so that no questions remain unanswered.
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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