Did your business get picked for a tax audit? The key to surviving an audit and even coming out on top is to prepare. If you go it alone, before meeting the auditor, thoroughly review the tax returns being audited and find all records that substantiate your tax return. The IRS has a right to look at any records used to prepare your tax return. Your pre-audit organization of receipts, bank statements, checks, auto records, appointment books, ledgers, travel records and other items will refresh your recollection for the audit meeting. Audit success means documenting your expenses. Be ready to explain how you or a tax return preparer came up with the figures. If you can’t, then you should hire a tax expert to represent your interests and you during the audit.
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