Audit might be the most terrifying word in the English language
North Highlands, CA (PRWEB) August 27, 2009
The Tax Lady Roni Deutch published a new article with advice on how to prepare audit-ready income tax returns for professional women.
"These days so many Americans are stressed about their finances," explains Deutch. "The last thing the average taxpayer has time to worry about is a messy IRS audit. Fortunately, only a small percentage of all tax returns are audited each year so your odds of being audited are actually quite slim. Additionally, by taking extra caution while preparing your return you can help decrease your odds of being surprised with an IRS audit."
In June 2009, Deutch was invited to become an author for WomenEntrepreneur.com, a site that provides advice for professional women. At that time editor Eve Gumpel noted that Roni's "straightforward writing style makes even the topic of taxes understandable." So far, Deutch has published three columns including Give Yourself a (Tax) Break and Do You Owe the IRS? For more information on her articles, check out Deutch's author bio on WomenEntrepreneur.com.
"Audit might be the most terrifying word in the English language," writes Deutch. "It can strike fear in the heart of even the most diligent taxpayer. But audits are not the life-shattering events everyone thinks they are. The more you know about the audit process, the less you have to fear."
Listed below are Deutch's top 3 tips for preparing audit-ready income tax returns. To view the full article, including more details on how to avoid an IRS audit, visit WomenEntrepreneur.com.
1. Be honest. The biggest red flag for any tax return, whether business or personal, is dishonesty. If the IRS finds exaggerated medical expenses or fictional charities, or determines that you failed to include all of your income, you will undoubtedly be audited. Many business owners go overboard and deduct things that have nothing to do with their business. Suspicious business deductions raise red flags with the IRS. Being completely honest is the simplest way to avoid an audit mess.
2. Avoid sloppiness. Sloppy, mistake-riddled returns force the IRS to spend more time looking at your taxes. And a closer look can spot red flags. To prevent this, be meticulous in filing your return. Double-check your math and each item you claim. Make sure each amount you list on your tax return exactly matches what is shown on your backup documentation.
3. Be careful when itemizing. While you should definitely itemize your deductions if it reduces your overall tax bill, be aware that itemizing may increase your risk of being audited. Itemizing means claiming more line-item deductions, which gives the IRS more items to review and potentially challenge. So be extra cautious. Ensure the accuracy of each deduction and back it up with proof.
Millions of people recognize tax attorney Roni Deutch as The Tax Lady®. She has been helping taxpayers nationwide resolve their tax liabilities for over 18 years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes. To learn more about The Tax Lady Roni Deutch, you can visit her blog or YouTube profile.
About Roni Deutch, A Professional Tax Corporation
Roni Deutch, A Professional Tax Corporation is a nationally recognized law firm that has been helping clients find solutions to their back tax liabilities for over 18 years. To find out more about the law firm or its IRS tax relief services, visit their website at RoniDeutch.com or call 1-888-TAX-LADY.
The Tax Lady's Guide To Beating The IRS And Saving Big Bucks On Your Taxes
(BenBella Books, February 15, 2009, Paperback Price: $16.95, ISBN 978-1-933771-77-9)
Roni Deutch, A Professional Tax Corporation
877-232-8477 Ext. 2410
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