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.
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 consulted with a tax advisor, accountant, or financial planner, give them a call immediately. Explain the situation and make sure they provide you will all of the documents they used to file your taxes to the state and the federal government.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
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.
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 consulted with a tax advisor, accountant, or financial planner, give them a call immediately. Explain the situation and make sure they provide you will all of the documents they used to file your taxes to the state and the federal government.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
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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