[…] What usually triggers audits is not how much income you claim but how much expenses you deduct against this income. For example, if your business income of $15,000 is offset with $3,000 of business expenses such […]
[…] This CPA lady receives her IRS audit work from an insurance company. Have you seen those $39 or $59 offers of “IRS audit insurance” from TurboTax or from your local office of some national tax chain? So what happens in reality? […]
[…] after the session, I was approached by two ladies. They introduced themselves as former IRS agents who now retired and switched sides. They shook my hand and confirmed that, while the IRS auditors are indeed trained to […]
[…] By the time you file your tax return, the IRS already knows a lot of the information that you are asked (forced?) to submit. How? Simple! Businesses report all the taxable transactions not only […]
[…] costly mistakes based on irresponsible advice from consumer publications, because, as a rule, the advice is incomplete and cannot be applied without analyzing the reader’s particular financial situation […]
[…] situations when basic understanding of taxes is not enough. If any of the following applies to you, I’d recommend that you consult a tax professional: Business or self-employment income […]
[…] The IRS announced that they are restarting the “random audits” program…In a “random audit”, you are selected at random – meaning, for no reason at all. Simply your Social Security number was picked by the IRS computer. What’s the problem, if you […]
