Why save records?

Why save records?

Now what follows pertains to tax returns but in my opinion should be used towards all records that are of importance. Once you file your tax return is there any reason to save the records? Most will answer this incorrectly. You do need to save them. How long is...
No sure way to avoid an audit

No sure way to avoid an audit

          Well, here we go again, these days everyone is talking about audits. I normally try not to join into what everyone is doing but, Some things need to be Pointed out.           First and foremost, there is no sure fire formula or guide that dictates by “doing...
Red Flags to help you get Audited

Red Flags to help you get Audited

The IRS states in Publication 556 that it uses a computer program called the Discriminant Inventory Function System (DIF) IRS assigns a numeric value to each tax return known as a DIF score. Returns with a DIF score higher than a pre-specified number are flagged and...
IRS Targets? To be in an Audit, or not to be

IRS Targets? To be in an Audit, or not to be

While it is true, the IRS isn’t going to publish a list, there are a number of things on your tax return that is known to raise the IRS’s interest in a specific tax return. What are your chances of being audited? There once was a statistic that said (and it still may...