Five Things to do to Prepare for an IRS Audit
So you received a letter from the IRS or an IRS employee has expressed an interest in talking with you. You are about to undergo an IRS audit. Here are a few of the things that you need to do to prepare for the coming audit:
1. Gather up your records, including your tax returns, W2’s, Form 1099’s, and K1’s.
2. Request bank, mortgage, brokerage, and loan statements - preferably statements for the entire year and/or cashed checks for unusual or unusually large items.
3. Locate receipts or statements to support each deduction and/or credit claimed on your tax return and organize those receipts so that they can be located easily. Pay particular attention to receipts for charitable gifts and business expenses.
4. Locate rental and other lease agreements and employment agreements, both personal and business.
5. Relax. Audits happen and taxpayers do survive audits.
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