Being audited is one of the most stressful and dreaded experiences a taxpayer can go through. It’s a wonderful blessing to live in America, and paying taxes comes with that privilege, but enforcement is a reality. Whatever the case may be or the reason for you being audited, there are certainly some things you can do that will help you through the experience.
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time-consuming, not to mention, emotionally draining experience. Please take these to heart.
Before you start clearing your calendar, think about this – redeeming those points or claiming your rewards may be a taxable event. Maybe it’s time to redeem those credit card points or miles you’ve been saving up and jump on a plane headed someplace warm. How about Miami, or maybe Maui?
There are facts and circumstances most commonly used to determine the difference between an employee and sub-contractor. It’s a 3 part subjective analysis and some facts may indicate that a ‘worker’ is an employee, while other factors indicate that the worker is actually a sub-contractor.
don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. If you don’t file your tax return, it only makes things worse.
There is a very powerful estate planning tool that may enable you to reduce your liability for income and estate taxes, protect your assets AND diversify your assets in a tax-advantaged manner.
To help protect and warn the public the IRS releases it’s annual list of the top scams to watch out for.
When considering the renovation of an older property, it’s important to be aware of two important tax credits that could add some serious profit to your bottom line.
This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18, as well as adult children or grandchildren, is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.
First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. If you don’t file your tax return, it only makes things worse.