Accounting Group LLC
February 2008 Newsletter
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 J. Franz, Owner
Accounting Group LLC
http://acctgrp.com
