You were recently informed that the IRS plans to perform an audit. On You. Yep, you. This hasn't happened to you before. You're nervous, you don't know what to think, what to expect, or who to call. Should you call someone? What should you do?
Prior to your audit, try not to panic and instead, start getting things together. How do you prepare? Well, there are a few ways to make it through an audit successfully. First, start gathering all of the tax documents, wage information and reports that pertain to the period in question. Your job is to show the IRS that all of your earnings have been reported.
You can't do this if you can't show them payment reports, check slips, or some form of tangible evidence of what you earn per pay period. You also need to convince them that you qualified for all of the exemptions and deductions you claimed. Organize every piece of paper you used to file your taxes and make sure you don't leave any unanswered questions.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
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.
Try to keep realistic expectations for this process. You should actually attempt to lower your expectations if you can. During an audited, you have a very high likelihood of having to pay additional monies out. It is rare for people to get through audits without facing a larger tax debt. The ultimate goal is to simply minimize this added debt. Through proper organization, preparation, and a willingness to be honest about your finances, you can limit the amount of harm and stress that an audit causes in your life.
Prior to your audit, try not to panic and instead, start getting things together. How do you prepare? Well, there are a few ways to make it through an audit successfully. First, start gathering all of the tax documents, wage information and reports that pertain to the period in question. Your job is to show the IRS that all of your earnings have been reported.
You can't do this if you can't show them payment reports, check slips, or some form of tangible evidence of what you earn per pay period. You also need to convince them that you qualified for all of the exemptions and deductions you claimed. Organize every piece of paper you used to file your taxes and make sure you don't leave any unanswered questions.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
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.
Try to keep realistic expectations for this process. You should actually attempt to lower your expectations if you can. During an audited, you have a very high likelihood of having to pay additional monies out. It is rare for people to get through audits without facing a larger tax debt. The ultimate goal is to simply minimize this added debt. Through proper organization, preparation, and a willingness to be honest about your finances, you can limit the amount of harm and stress that an audit causes in your life.
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