You just found out that you're going to be audited by the IRS. Yes, you are going to be audited. You've never been through this process before. You feel anxious and unsure about what to do, where to get help or what to think. Is there someone you should call? Are there any steps that you should take?
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 have worked with an accountant, financial planner or tax professional before, contact these individuals as soon as you possibly can. Discuss the details of your circumstances and ask for all of the documents that these individuals used when filing taxes on your behalf.
If you need more time to gather all of the paperwork, request an extension or a delay in the audit. Don't rush, make sure you have all of the documents you need to support all of the claims you made in your taxes.
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 have worked with an accountant, financial planner or tax professional before, contact these individuals as soon as you possibly can. Discuss the details of your circumstances and ask for all of the documents that these individuals used when filing taxes on your behalf.
If you need more time to gather all of the paperwork, request an extension or a delay in the audit. Don't rush, make sure you have all of the documents you need to support all of the claims you made in your taxes.
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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