Don’t Get Stung By the IRS

Can the IRS take my passport? Perhaps, if you owe taxes.

The Internal Revenue Service (IRS) is the largest and most aggressive collection agency on earth. You don’t want to run afoul of them. One way to avoid being stung by the IRS in the form of an audit or penalty is to work with competent and professional¬†accountants Woodbridge VA.

Will You Be audited by the IRS?

Your best bet to avoid problems with the IRS is to prepare honest, mathematically accurate returns. It sounds easy, but with our nation’s labyrinth-like tax code, is easier said than done. Here a few of the reason that your return may be audited and subject to penalties:

  • Out-of-the-ordinary deductions
  • Addition and subtraction errors
  • Not reporting all income received
  • Filing a complex business return
  • Not submitting the proper schedules
  • Taking a home-office deduction

Some of the things in the aforementioned list may be perfectly legal in your situation. However, to the IRS algorithms, they may be construed as red-flag issues. Also, it’s worth remembering that the IRS can audit returns as old as six years.

Tips To Avoid Being Audited by the IRS

Your best bet to avoid being audited by the IRS is to be thorough, accurate, and completely honest when preparing and filing your federal tax return. Be organized and maintain meticulous records during each tax year. Consider partnering with a professional, especially if your return is not likely to be a simple one. Make sure to choose a firm that has been in the business for decades.

Here are a few of the benefits that you will accrue by working with a professional tax preparer:

  • Accuracy is increased and filing errors will be minimized
  • Objective, time-saving service will be provided by folks knowledgeable about the tax code
  • Your life will be simplified so that you can work on other obligations

Don’t get stung by the IRS. Partner with a professional accountant.