Avoiding Tax Audits

While there is no sure-fire way to avoid tax audits, there are some tax tips to help you avoid it. Experts like Murphy & Co. can offer some helpful advice so as not to attract IRS attention.

1. Use exact figures on your tax return. When you take the time to complete your forms down to the penny, rather than rounding off to even numbers, you're less likely to draw attention to your business.

2. A little extra effort can go a long way to avoid tax auditing. Make sure you complete all forms fully when a great deal of information is missing, the IRS may take notice, triggering a tax audit.

3. Check & recheck. While you're not necessarily expected to be a mathematician, double checking your calculations to ensure accuracy can help you avoid tax audits. If you're numbers don't add up, the IRS will likely question you.

4. Keep organized, up-to-date records! Be prepared to back up all of you claims in the event of tax auditing. During tax auditing, the burden of proof lies with you, so make sure you can support all of your claims with accurate records and receipts.

Tax Accounting

Get professional and capable assistance with your tax accounting and tax preparation. Our expertise in this area can save you money and give you peace of mind that you have had your tax accounting completed professionally. The IRS taxation processes and practices can be onerous and a definite hurdle for many small businesses. Perhaps the only way you can rid yourself of the IRS red tape and paperwork, is to pass it onto a certified tax accountant. From individual to corporate income tax returns, we’re here to help you make your taxation decisions and make tax planning easier.

If you have any questions, please give us a call at 508-238-5357 or email a. Murphy & Co. - CPA Boston Accountant.