Reduce Audit Exposure
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Reduce Audit Exposure
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No one likes the stress involved when your tax return is under the spotlight. There are some ways to avoid common audit triggers.
Make sure to report everything with an informational return. Most likely, you'll receive either a W-2 or a 1099 form, and the IRS gets a copy of it, too. If your tax return exceeds or doesn't match your reported income, expect to receive a notice from the IRS.
If you're self-employed, steer clear from claiming large losses on a Schedule C. For business owners, consider incorporating your business instead of filing a Schedule C.
Avoid using too many round or even numbers. Be careful when taking higher than average deductions for charitable donations. Refrain from claiming 100% use of business vehicles. If you have a foreign bank account, report it. Don't write off a loss for hobbies.
Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: https://www.liberatorecpa.com/
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