Deborah Gregory and I want you to be prepared for tax time! In this episode, Deborah walks through who should expect to be audited and why, what to do if you receive a dreaded audit letter, and how the auditing process goes. She also has helpful hints for business owners about which expenses to be sure to keep good records for, and shares her opinion on whether you should use Turbo Tax or hire a tax preparer.
Deborah explicitly outlines tax mistakes that you can’t afford to make and the 4 Audit Red Flags that will keep the IRS off your doorstep:
Mistakes You Can’t Make
- Not making estimated tax payments
- Ignoring the IRS … you have got to communicate
- Not filing your tax return on time, even if you owe
- Not keeping good books and records (the 7 year rule)
- and the worst of all … not filing.
The 4 Red Audit Flags: Keep the IRS Off Your Doorstep
- Schedule C
- Unreimbursed employee expense
- Refundable credits
- Line 21 income
Don't miss this super-timely and informative episode – taxes are no joke, and Deborah is a wealth of information!
Listen To The Full Interview:
What You'll Learn From This Episode:
How the Marginal Tax Rate works.
What an IRS tax attorney actually does.
Whether or not you can negotiate your tax bill.
The tax mistakes that you can’t afford to make.
What deductions and reported expenses are valid.
The 4 Audit Red Flags to be aware of!
What to do if you are audited.
Featured On The Show:
- How does the marginal tax rate system work? By Chad Langager of Investopedia
- Connect with Deborah Gregory: Website | Twitter
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