Large Cash Transactions May Lead to Back Tax Debt As the old saying goes, more money, more problems. And if you’re paying for or getting paid in cash, you could be putting a big X on your back and become an IRS target. Dealing with cash is convenient. It cuts down on trips to the…
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What Triggers an IRS’s Audit?
Red Flags Abound for Potential IRS Audits Let’s face it. Getting audited by the IRS is about as pleasant an experience as going to the dentist. Which is why you should know which red flags trigger the IRS audit process. The IRS chooses its audit targets for a variety of reasons. Sometimes they’re chosen because…
What If I Need More Time to Pay My Tax Bill?
How Can I Get Extra Time to Pay? Sometimes after doing the math and calculating our income, deductions, and credits, we get a tax bill instead of a much-wanted tax return. But if the tax bill is bigger than you expected and you need more time to pay, getting more time to pay it off…
The Audit Process
Nobody wants to be audited- who wants to dig through their paperwork for receipts, bank statements, ledgers and logs from years ago? Who wants to take time off from work to go meet with the IRS for a “one hour appointment” that will easily turn into several hours? And if they are not happy with your answers, you could have multiple appointments with the IRS! It is much more cost effective to get Audit Representation…
Keeping Good Records
Keeping Good Records Saves You Money and Protects You in an Audit! Why Should I keep Business Records? To help monitor your business progress, prepare tax returns, and prepare financial statements. The burden of proof is on the taxpayer to prove that they had the expenses they claimed on their tax return. 1. Monitor your…
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