Skip to content
  • Business
  • Small Business
  • Professional Services
  • Accounting
Business And Finance

Business And Finance

Every decision you make in business has a financial consequence.

  • Home
  • Business
    • Business Ideas
    • E-Business
    • Home Business
    • International Business
    • Online Business
    • Small Business
  • Branding
    • Advertising
    • Marketing
    • Promotion 
  • Careers 
    • Career Development
    • Career Management
    • Recruitment 
  • Professional Services
    • Outsourcing
    • Storage Services
  • Sales 
    • Sales Management
    • Sales Training 
  • Blog
  • Contact us
  • Toggle search form

Will You Be Audited By the Internal Revenue Service?

Posted on 2021-04-14 By WebEditor No Comments on Will You Be Audited By the Internal Revenue Service?

When dealing with the Internal Revenue Service (IRS), it’s never a good idea to willfully avoid paying your fair share of taxes by being dishonest. At the same time, it is also your right to pay the least amount you legally owe when it comes to filing your federal tax return. This gives rise to a common dilemma that many taxpayers face at tax preparation time: How to pay the lowest amount of tax legally without being flagged by the IRS for an audit. This is no small matter because tax laws are numerous and often confusing. Not to create unnecessary fear, but please remember that there are a variety of consequences for tax evasion, including bank levies, tax liens, and even court-ordered time in jail. It may be best to get help when doing taxes Woodbridge VA.

Top Reasons Why Your Returem May Be Audited

Returns are likely to be audited for a number of reasons. Here are a few of the more common ones:

  • These include such things as out-of-the-ordinary deductions and numerous math errors on the return.
  • Additionally, your chances of being audited increase if you do not file the proper schedules.
  • Moreover, if the income stated on the return is lower than that on your W-2 forms and other documents, you increase the chance of being audited.
  • Business returns, in particular, can be quite complex. Filing a business return, therefore, may raise the level of audit possibility.

Be Meticulous in Preparing Your Return

Keep in mind that in general, the IRS can audit returns as old as six years. Therefore, keep copies of all federal tax returns and supporting documentation for at least as long as six years. Your best antidote to being audited by the IRS is to be thorough, accurate, and honest when preparing and filing your annual tax forms. Do yourself a great favor by keeping meticulous records throughout the year.

Business

Post navigation

Previous Post: The Commonly Overlooked Aspects of Business
Next Post: Small Business 101: All About Digital Presence in 2021

More Related Articles

4 Ways to Preserve the Shelf Life of Machinery Business
A Short Description of Fixed Deferred Annuities Business
Understanding the Role of Innovation to Achieve Business Goals Business
Why Employers Are Interested In an Individual’s Financial Background Business
Small Business 101: All About Digital Presence in 2021 Business
Thinking About Selling Your Gold? Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Email Newsletters

Subscribe our List for latest Updates
Loading

RECENT POSTS

  • Personal Life Insurance Plan with a Group Policy
  • Flatbed Shipping Benefits
  • How to Properly Use a Rotary Screw Air Compressor
  • What are the risk involved in lone working and ways to mitigate
  • Compelling Reasons Why You Should Use Virtual Corporate Cards

Quick Links

  • Home
  • Blog
  • Privacy Policy
  • Contact us
  • Sitemap

Recent Posts

  • Personal Life Insurance Plan with a Group Policy
  • Flatbed Shipping Benefits
  • How to Properly Use a Rotary Screw Air Compressor
  • What are the risk involved in lone working and ways to mitigate
  • Compelling Reasons Why You Should Use Virtual Corporate Cards

Email NewsLetters

Subscribe our List for latest Updates
Loading

Copyright © 2022 Business And Finance.

Powered by PressBook Blog WordPress theme