Comments on: How to Avoid and Prepare For a Tax Audit by the IRS http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/ Helping a unique generation achieve financial independence. Thu, 09 Feb 2012 18:21:30 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Awareness Home Funding http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-130472 Awareness Home Funding Tue, 06 Apr 2010 19:03:21 +0000 http://genxfinance.com/?p=1917#comment-130472 I love reading articles that provide a practical approach to topics generally misunderstood. Well written! I love reading articles that provide a practical approach to topics generally misunderstood. Well written!

]]> By: Victorino http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-129964 Victorino Mon, 29 Mar 2010 18:09:55 +0000 http://genxfinance.com/?p=1917#comment-129964 Honesty can be a good policy when it comes to taxation. To avoid IRS audit or to win an IRS audit, the solution is to self-audit our selves regularly. With this, we know how our finances are going. Honesty can be a good policy when it comes to taxation. To avoid IRS audit or to win an IRS audit, the solution is to self-audit our selves regularly. With this, we know how our finances are going.

]]> By: Supra Skytop http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-128706 Supra Skytop Thu, 11 Mar 2010 07:57:35 +0000 http://genxfinance.com/?p=1917#comment-128706 Hi! I like your srticle and I would like very much to read some more information on this issue. Will you post some more? As we know , we can find lots of fans ,lots of store have been open worldwide. Hi! I like your srticle and I would like very much to read some more information on this issue. Will you post some more?
As we know , we can find lots of fans ,lots of store have been open worldwide.

]]> By: Jamel Rose http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-128704 Jamel Rose Thu, 11 Mar 2010 06:43:53 +0000 http://genxfinance.com/?p=1917#comment-128704 When you receive the examination report you can call the auditor with questions and to explain the results. You have the option to appeal within the IRS or go on to tax court. When you receive the examination report you can call the auditor with questions and to explain the results. You have the option to appeal within the IRS or go on to tax court.

]]> By: Forex Manager http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-128404 Forex Manager Mon, 08 Mar 2010 07:24:58 +0000 http://genxfinance.com/?p=1917#comment-128404 Even if one is strictly playing by the rules, a tax audit by the IRS can certainly bring in some amount of stress. So, thanks for this useful piece of advice on avoiding tax audits. Even if one is strictly playing by the rules, a tax audit by the IRS can certainly bring in some amount of stress. So, thanks for this useful piece of advice on avoiding tax audits.

]]> By: LiveCheap http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-125845 LiveCheap Thu, 04 Feb 2010 18:47:03 +0000 http://genxfinance.com/?p=1917#comment-125845 I've never had a personal audit (knock on wood), but I have had inquiries into a business I used to run and it is a hairy experience. You never know what they are looking for and they come and sit in a room for a couple days and go over tons of your paperwork and keep asking for more. The toughest parts are that everyone at the company wants to know why they are there and after they are gone it is a couple weeks before they send you the letter that says they found nothing. @Zach - You most likely have nothing to worry about. Selling Amazon isn't going to make any difference for your audit. That's the easiest thing in the world as long as you match up to your broker's records. IRS doesn't care or doesn't inquire as to whether you are a college student, they just see W-2 income and a capital gain. Nothing remotely interesting in that. Nice trade though! I’ve never had a personal audit (knock on wood), but I have had inquiries into a business I used to run and it is a hairy experience. You never know what they are looking for and they come and sit in a room for a couple days and go over tons of your paperwork and keep asking for more. The toughest parts are that everyone at the company wants to know why they are there and after they are gone it is a couple weeks before they send you the letter that says they found nothing.

@Zach – You most likely have nothing to worry about. Selling Amazon isn’t going to make any difference for your audit. That’s the easiest thing in the world as long as you match up to your broker’s records. IRS doesn’t care or doesn’t inquire as to whether you are a college student, they just see W-2 income and a capital gain. Nothing remotely interesting in that. Nice trade though!

]]> By: Zach @College for 10k http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-125827 Zach @College for 10k Thu, 04 Feb 2010 15:16:34 +0000 http://genxfinance.com/?p=1917#comment-125827 Being a college student who is employed and sold a considerable amount on Amazon last year, I'm a little worried about a possible audit. I'm definitely using a tax software this year! Being a college student who is employed and sold a considerable amount on Amazon last year, I’m a little worried about a possible audit.

I’m definitely using a tax software this year!

]]> By: Goran Web | Net Age http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-125807 Goran Web | Net Age Thu, 04 Feb 2010 09:51:46 +0000 http://genxfinance.com/?p=1917#comment-125807 Heheheheh! The tips and the tricks to avoid being audited are coming thick and fast. I think an audit must be one of the things that strikes fear into the hearts of most anybody. The IRS just palin scares me! Heheheheh! The tips and the tricks to avoid being audited are coming thick and fast. I think an audit must be one of the things that strikes fear into the hearts of most anybody. The IRS just palin scares me!

]]> By: Adam http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-125770 Adam Wed, 03 Feb 2010 23:45:51 +0000 http://genxfinance.com/?p=1917#comment-125770 Another big no-no is using round numbers. That says to the IRS computer system that you don't really know how much that expense was so you just estimated. Um, don't estimate! Another big no-no is using round numbers. That says to the IRS computer system that you don’t really know how much that expense was so you just estimated. Um, don’t estimate!

]]> By: Credit Girl http://genxfinance.com/how-to-avoid-and-prepare-for-a-tax-audit-by-the-irs/comment-page-1/#comment-125746 Credit Girl Wed, 03 Feb 2010 16:11:52 +0000 http://genxfinance.com/?p=1917#comment-125746 Simply hearing about being audited is already giving me a headache! Thanks for pointing these out...I think for the most part those who play by the rules and don't have suspicious deductions will be fine. Simply hearing about being audited is already giving me a headache! Thanks for pointing these out…I think for the most part those who play by the rules and don’t have suspicious deductions will be fine.

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