If you have been audited because you tried to do your small business taxes on your own, it's time to reach out for help. If you don't fully understand the audit and what you need to do to cooperate or refile, you want to find a tax specialist that can advise you on what steps you should take, and how to move forward. Here are some of the things that you should be ready for, and to consider for the future when you are ready to file again next year.
Have Your Audit Examined
If you aren't sure why you were audited, take your letter and a copy of your taxes to a tax advisor that specializes in small business taxes. Have them investigate to see where you went wrong, why you are getting audited, what you should do from there as far as making changes, and having proof of these changes. The expert may be able to target where you went wrong right away.
Let a Professional Refile for You
If you have to refile or file a correction, make sure that you let a professional do the work for you. This way you don't have to worry about there being any confusion or problems, and it may be required that you get help from a certified professional. Once they refile or correct, you will have to see what the IRS determines.
Start Prepping for Next Year
You already have to start prepping for the next year, and you want to talk with the tax professional about what to do financially. The tax advisor can let you know what you should be saving each quarter, if you should be paying your taxes quarterly, and what purchases and expenses can be written off. This is a great way to get things arranged early for the upcoming tax seasons.
It's very important to make sure that your business taxes are in order, and if you have been notified that your past year's returns are being audited and that they could be a legal concern, you want to talk with a tax advisor and maybe even a lawyer. You want to also make sure that you are already making changes, so you will be ready for the upcoming tax season when it's time to file, and so you won't have to stress about making mistakes and having audits or delays again in the future.
For more information, contact your local tax advisory office.Share
1 June 2018
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