Irvine, CA (PRWEB) February 5, 2011
Personal finance blog MoneyNing.com offers money tips for those faced with a tax audit and advice on avoiding being audited in the first place. The post What to Do if You’re Chosen for a Tax Audit, covers specific steps to take if audited and is available at http://MoneyNing.com/.
Tax season looms large and for some, the anxiety of a possible tax audit outweighs their enthusiasm over any potential tax return. A flurry of news articles address these concerns, including one by the Wall Street Journal entitled Ten Ways to Avoid a Tax Audit, which encourages careful consideration when hiring a tax preparer and attention to detail.
According to the article, errors in arithmetic or typos from entering a social security number incorrectly can lead to further inquiry by the IRS. Barbara Weltman, the article's author, encourages the use of electronic filing to avoid such errors.
Weltman goes on to explain, "In the past, the IRS had said that errors are less than 1% on returns that are filed electronically, compared with about 20% on returns submitted via paper.”
Personal finance blog MoneyNing.com discusses the importance of giving attention to detail in a recent post by Miranda Marquit entitled What to Do if You’re Chosen for a Tax Audit.
Marquit explains, “It is best to be prepared for a tax audit. Make sure you understand which issues are in question, and review the contents of your tax return so you are familiar with what will be addressed during the audit. Then, gather the documentation you need to back up your claims of deductions or credits.”
MoneyNing.com also discusses how to avoid an audit in the first place in another recent post entitled 9 Reminders to Help Avoid IRS Audits available at http://moneyning.com/tax/9-reminders-to-help-avoid-irs-audits/.
David Ning is an author, trusted advisor and founder of MoneyNing.com as well as a regular contributor to the “ON RETIREMENT” section of USNews.com. Ning focuses on money tips for those seeking to build wealth slowly over time through smart management of their capital resources.
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