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A good accountant will make you audit proof while being extremely aggressive with your business deductions.

The better your accountant understands the tax code the more aggressive he or she can be. Extensive deductions that add up to a substantial portions of your total income are audit flags.Ī Final Word On Meetings With Your Accountant Sign where you are supposed to.īalance your total deductions with your income. So who is to say that late returns, those filed after April 15 th, wont be audited, or will be audited less than returns mailed earlier?īe thorough. IRS computers are not programmed to review only those returns received before April 15 th.

If you know you are going to take a business deduction, pay for it by check. Keep your business and personal accounts separate. You do not have to provide leads that make their job easier.

If you suspect this may occur, do not provide any leads to the auditor regarding the sources of the unexplained deposits. WARNING: If you have unreported income of more than 25% of your adjusted gross income, the auditor may turn your case over to the CID. Be sure you can explain large bank deposits and increases (especially sudden ones) in your net worth.

Surprisingly, its not that much work and is worth the effort.Īlways keep your checking and savings accounts free of irregularities. By marking every deposit slip, you know where to look for further documentation to support your notation and the auditor will have the trail in front of him or her for the source of the unusual nontaxable receipts such as insurance recoveries, loans, gifts, and inheritances. They then proceed to do a total cash receipts analysis, comparing the total to the gross income shown on your tax return.

The first thing tax auditors request are your checking, savings, and investment accounts. If you are already registered in TRACES, please login with your registered User Id (PAN), Password & PAN else register as new user User can not enter details in column PAN for Tax Payer as column will be auto-populated on the basis of User Id entered by user. Write the source of check directly on the deposit slip, especially transfers between accounts, so that these are not inadvertently counted as income. Keep track of bank deposits so that all items will be easy to trace. Ask yourself: Do the forms apply? Am I stretching the situation? Are there credits that I am entitled to whose forms I havent included but need to? Make sure you have selected the correct forms and schedules to fill out. Make sure that any third-party income and reports agree with your records. Here are a few things to make sure you are currently doing to help yourself avoid the ever present and lurking danger of an IRS audit. That doesnt mean that these dream days dont happen, though. Of course, we all love to dream about ideal occasions, like when our favorite sports team wins, or when our kids get the lead role in the school play, or when we finally get the big break at the office, or when we can avoid an audit completely. Successfully avoiding audits, while still claiming significant deductions, is a tax professionals and income tax filers dream.

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