Hollis, New York
205-17 Jamaica Ave.
Hollis, NY 11423
(347) 535-3584

What Triggers a Tax Audit & How to Avoid One April 16, 2015

Hollis, Queens
What Triggers a Tax Audit & How to Avoid One, Queens, New York

Nobody wants to get audited by the IRS, and the best prevention is to be accurate when filing your taxes. The team at Liberty Tax Service is all about preventing such mistakes, and that's why they're dedicated to helping clients make sure they’re following the proper tax-related procedures. From tax filing and deductions to tax refunds, the Liberty team has you covered.

If you do suspect you’ve overlooked something that might incite an audit, it’s wise not to take chances and to hire a professional who can get everything in order for you. According to MoneyNews.com, there are a number of circumstances that count as IRS “red flags.” If you work for yourself, for example, you’ll need to be scrupulous about following up on 1099s. Keep a detailed record of deductions and credits, and be careful about claiming home office expenses and expenses related to meals and entertainment. Though everyone has to “wine and dine” clients from time to time, claiming exorbitant costs will raise eyebrows.

Document all charitable expenses as well, and hold on to receipts, just in case. If you maintain an overseas bank account, you’ll need to make sure the IRS knows about it, as reporting requirements for foreign accounts have changed in recent years. Most importantly, make sure that the numbers on all your tax forms match, and take the time to “proofread” documents for accuracy.

Calling Liberty Tax Service, however, is the best way to make sure you leave absolutely no stones unturned. The Liberty team offers year-round support and free consultations, and they do e-filing as well as traditional filing. To find out more, call (347) 535-3584 to make an appointment. When it comes to taxes, peace of mind is always better than doubt, so call today!

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