Have you ever had an IRS audit? If you did and you’re like the average American who does get the audit notice, you can count on paying $5,500 in extra taxes. And that’s before you count in penalties and interest and accounting and legal fees. Add that all up and you might find that you better be ready to write a check for $8,000 or more.
Of course, remember that’s the average. For every story you hear of someone who gets a no change audit, that means someone else is paying $11,000 in extra taxes. Plus, there are hours of time and energy wasted.
So, what the answer? Avoid audits by audit proofing your return.
If you have a Sole Proprietorship, you have a 1 in 3 chance of being audited. If you have an S Corporation, you have a 1 in 100 chance of being audited. Guess which one I have my company in?
Or, let’s talk about two new audit flags: mortgage interest and charitable donations. Do you know how to report these to reduce your audit chances?
You CAN audit proof your return
Please join me March 14, 2009 for a FREE! teleseminar “Audit Proof Your Return” at 9 am Pacific, 10 am Mountain, 11 am Central and Noon Eastern.
Send an email to TeleseminarA@DKTaxServices.com. If you can’t make this call, we’ll have the recording and my notes available later for a small handling fee.