Take the extra time to make a careful review of the IRS Flags listed below A second look at your tax return can reduce your chances of being audited. Be sure to keep careful records and retain all receipts. There are no purchase receipts too small, they all add up. Hire competent accounting and tax advisers to further reduce the risk of an IRS audit. Saving money on accounting fees can cost you a LOT more money later. IRS interest and late charges are severe, and will greatly increase your tax bill.
IRS will be carefully reviewing your return in following categories:
- Taxable income
- Large Deductions
- Home Buyer Credits
- Hobby vs. Business Deductions
- ALL Business Expenses
- Home Office Deductions
- Math Errors
- Cash Transactions
- Foreign Bank Accounts
You can minimize your chances of unnecessary, stressful, and costly scrutiny by the IRS. Contact the tax specialists at Southland Accounting & Tax for a personal consultation regarding your specific tax situation. For 35 years Larry Lehman, CPA and staff have provided expert tax, accounting and financial services in the Oak Lawn and Southwest suburbs. We use our tax expertise to review your return for IRS triggers while maximizing your deductions.
And you can help to simplify the process and save time when you come prepared. If you have any questions regarding what is needed give us a call. We will be happy to answer all of your questions.