subject: How To Get Help With Annual Audits And Tax Preparations [print this page] There are a number of things in life we are rue to deal with and tax audits are one of them. Even if you are completely in the right, the time, effort, energy, and money that might be required to be expended in an audit can prove severely problematic for a business. That is why it is always best to remain as prepared as possible when it comes to dealing with an audit. How can such preparation be achieved? There are several ways and they are all worth taking a look at...
First and foremost, double check your return for various math errors. When you have flubs, flaws, and errors on a return it leads to various incongruities. This means the return will have to be fixed by the tax agency which, in turn, means you will probably be audited as a means of straightening everything out. Do you really want to deal with such a hassle? There is no reason to if you take the steps necessary to eliminate any potential math errors during the initial preparation.
Did you pay the right amount of tax based on the filing status of the entity? People and businesses will often err in this regard. It is not an error that the tax agency is sure to miss so you will invariably end up with a letter of audit in the mail soon after making your filing. Again, try to avoid such errors on a return since they will invariably do you more harm than good as far dealing with a potential audit goes.
If you are doing your taxes yourself, you deserve a lot of credit for taking the initiative. Many people would be overwhelmed at the prospect of performing their own tax work and those willing to do it themselves deserve some recognition. However, it is also important that you know what you are doing when you prepare a tax return. If you lack the familiarity with preparing a complex return, you will probable be prone to making more expansive and egregious errors than the ones previously mentioned. This means you probably would be better off hiring a legitimate tax professional for such services. A professional tax preparer can put together the proper return that will be free of the errors and problems that can cause an audit.
Also, it is best to hire the most qualified tax accountant for your needs. You do not want to make the mistake of hiring someone that lacks qualifications for the job. Doing so will lead to problems that could range even far beyond an audit. Stick with a solid firm that has a good reputation in the field. They will never steer you wrong.
Hiring a tax planning service long in advance could also lay the foundation for proper tax filings. Yes, such a hiring can be an added expense but it could save you time and money in the long run. Plus the fees you pay for the service will be tax deductible!
