Accounting Group LLC February 22, 2008
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Accounting Group LLC
February 2008 Newsletter

Michelle It's that time of year to be organizing your 2007 income tax return information to prepare yourself or have a professional tax preparer help you! Accounting Group offers individual and small business tax return preparation services. I have worked in the accounting profession for over 25 years, so if you want an experienced tax preparer to complete your 2007 return please drop me a note.

I often get asked how can one best reduce the chance for an audit. In 2007 the IRS audited over 1.38 million taxpayers. Every return I prepare I look for and run a probability of audit program against your return, to verify that no obvious flags are noted. Should you be preparing your return yourself here are a few tips to be aware of to reduce your chance of an audit, and records to keep should you get audited.

  • Check your arithmetic, a sloppy return increases chance of an audit.
  • Large percentage of charitable contributions to your income, be prepared to be audited, be sure to keep documentation.
  • Self Employed, higher chance for an audit, be prepared to substantiate expenses.
  • Document deductions, such as amount paid, location of facility if entertainment, person you entertained, person's business relationship with you, and related business discussion.
  • IRS can audit you for three years after you file your return. Most though are audited within 18 months of filing, to gives the IRS time to do the review before the statute of limitations (usually the three-year period) ends.

Would you rather trust a professional tax preparer or a box? Please contact me for an appointment today, don't delay!

Sincerely,
Michelle Franz
Michelle J. Franz, Owner
Accounting Group LLC
http://acctgrp.com


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