Atascadero Tax Accountant Reports The Best Ways To Avoid An Audit
-Every year as the calendar pages flip closer and closer to tax time people start stressing, but realizing that tax time is all the time and planning accordingly is a lot less stressful. “The best way to avoid a tax audit,” said Robert Borish, CPA with North County Tax and Accounting in Atascadero, CA “is file accurate returns on time.”
Keeping accurate records during the year is one of the best ways to avoid the last minute crunch that can cause errors on a tax return. Tax planning during the year is another one of the top ways to be sure returns are accurate and all deductions are legal and recorded properly. Even though these are only two things to do, they are not always as easy as they sound, especially for a small business person wearing all the hats in the business, or mom and dad who have jobs, kids to get to school and the dog to get to the vet.
Here are some tips for the best way to file accurate and timely tax returns:
- Hire a bookkeeper or accountant or use a professional service. It’s not as expensive as one would think, considering the time and headaches put into filing and recording receipts, tracking all eligible deductions, filling out tax forms and filing them on time. It’s worth the time to sit down with a professional and get some solid advice about how to get your taxes completed accurately and on time.
- Work with an enrolled agent or CPA who can represent in the event of questions or an audit from the Internal Revenue Service or California Franchise Tax Board.
- Use a professional payroll service to be sure employees are paid accurately and on time, payroll deductions are accurate and all reports are filed on time.
- Be thorough. Report all income and have the appropriate documentation to support all deductions.
- Be accurate. Make sure everything on the tax return is legible, in the right place and the appropriate schedule or other form is used.
- Be organized. Create a file folder for each tax category and put receipts and documentation in the correct folder. Take a few seconds to jot a quick reminder on receipts. Even if you hand receipts off to a bookkeeper, it’s faster to record the expenses in the right categories when notes are on the receipts.
- Set up regular times to review your books, receipts, income and deductions and stick to the schedule. Once a week, monthly, even quarterly is better than waiting until the last minute. Meet with your bookkeeper or accountant on a regular schedule so you are always aware of your tax picture for the year.
- Use accounting software. North County Tax and Accounting provides Quickbooks services and training for clients and simplifies accounting with cloud-based services.
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