Financial IQ: 10 Ways to Avoid a Tax Audit

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Financial IQ Philippines Quick Hit(s):

Remember to correctly file your income taxes.


Worried about extra scrutiny from the Internal Revenue Service?


While you can never completely "audit-proof" your business's income tax return, you can take actions that will greatly reduce your chances of being flagged.


Here are 10 ways to avoid a tax audit:


1. Choose your tax return preparer with care. 
2. Report all of your income. 
3. Provide complete information. 
4. Avoid claiming deductions that are audit red flags. 
5. Don't file certain forms or schedules. 
6. Pay attention to details. 
7. Mind your personal entries.
8. Change your business status. 
9. Watch your state tax return. 
10. Plan for an audit, just in case. 

http://finance.yahoo.com/taxes/article/111960/avoid-tax-audit-wsj?mod=taxes-advice_strategy

Related articles

• How to Avoid a Tax Audit (bargaineering.com)