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Start Prepping Now to Avoid Audit, Cut Taxes and Relieve Stress in 2010
 
(ARA) – You may feel relieved that tax season is over for another year. But 2010 tax time will arrive before you know it, and a few pro-active steps throughout the rest of 2009 will help you avoid an audit, minimize your tax burden and reduce your stress level next April 15.
 
With a little planning and the wise use of a trustworthy tax accountant or tax attorney, more Americans could avoid a run-in with the Internal Revenue Service (IRS) and reduce their tax burden. The key is not waiting until April 15, the nationally recognized deadline, to prepare for doing your taxes or to submit year-end tax returns to the IRS.
 
Even though the time for submitting your tax return is over, the stress of tax season will linger for millions of Americans who will face an IRS audit in the coming months. If you've never been through an IRS audit, the experience can leave you shaking. That's because the burden of proof is on you to convince the IRS that you reported all your income, and were entitled to all the credits, deductions and exemptions that you claimed in your tax returns. It's no secret that the more complicated your tax returns become, the more likely the chances are that you will receive an unwelcome letter in the mail one day informing you that you are being audited.
 
What are the big red flags to the IRS? According to FindLaw.com, the world's leading source for online legal information, tax returns that trigger IRS flags are for individuals or households reporting higher incomes, as well as returns for those who own small businesses, especially home-based businesses, are self-employed, or work in professions involving payment in the form of cash and tips, such as a waitress or self-employed construction worker. In addition, those with higher incomes also face a far greater chance of being audited. In both circumstances, tax returns with a large number of deductions may be flagged for an audit.
 
For more information you can always rely on www.irs.gov!
Posted by Julie Jennings on May 6th, 2009 12:35 PMPost a Comment (0)
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