How to Prepare for a Tax Audit in 2017

Maytag Dealers in Raleigh, NC

With 2017 right around the corner, it’s time to get ready for tax season. Unfortunately, this can be a hectic and stressful time for business owners, especially those that might be facing an audit.

If you’re worried about having to prove to the IRS that you reported all income, deductions, credits and exemptions, be sure to follow the tips below. They might help you during this time. If you're tired of dealing with Maytag dealers in Raleigh, NC, give T & L a call. You'll love our quality Speed Queen and Continental options.

Preparing for a Tax Audit in 2017

Work with a tax professional. This will ensure you’re doing everything you can to report the right, accurate information. Otherwise, you might miss out on something that’s too important to leave out. Even more, mistakes are made when taxes are prepared by individuals. It’s nice to have the help of a pro to make sure everything is recorded correctly.

Take extra time to get records organized. You can even request a delay in auditing through the IRS. This extra time can help you make sure you and your tax pro take precautions when preparing documents and data for the audit.

Allow your tax professional to host the field audits. They can not only handle the entire meeting, but also invite the IRS to do audits in their office instead of your home or place of business. To ensure you’re able to do this, consult your tax professional.

Get your records organized and ready to be viewed. Make sure all documents are accounted for. If something is missing, be sure to reconstruct it. Your tax expert can help you with this.  

Don’t compromise. It’s possible you’ll be responsible for owing more taxes after the audit. Instead of compromising on the amount, try to negotiate issues with the auditor. Your tax expert can help you with this.

Manage your expectations. Don't expect to come out of the audit without owing something -- the odds are against you. Having realistic expectations regarding the outcome can make the entire process less stressful.

Only give information that has been inquired about. Sometimes, we tend to say more than what we mean to. During an audit, you only need to disclose things that are relevant to the case. Also, don’t offer up a copy of past years’s tax returns. They don’t need those for any reason.

Looking for more suggestions and tips this upcoming tax season? Be sure to visit back with our next blog soon. 

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