Keep The IRS Out Of Your Life By Avoiding A Tax Audit. If You Live In Idaho Falls, We Can Help!

The proverbial IRS taxman is the last person you want darkening your doorway. The IRS has reported that 1 in 200 taxpayers has a chance of being audited every year. Keep yourself or your business out of those statistics-here are some tips!

Ways You Can Avoid A Tax Audit

Luckily, there are ways you can reduce your chances of being audited. Here are a few to be aware of:

• Make sure you computations and figures are correct
• Keep receipts and get appraisals for all charitable contributions of $250 or more
• Fill out tax forms completely and carefully and leave nothing blank
• Keep copies of your returns for several years
• E-file if possible

Let’s discuss these a bit more. You want your numbers to be right. The IRS uses computers to cross check your returns with any other information that it has for you, from banks, employers, etc. So be sure you have accounted for everything and that your numbers match. Otherwise you could be flagged for an audit.

Charitable contributions can change from year to year, and if your tax return is noticeably different from last years, the IRS will want to know why. Save all of your contribution receipts. You should also include an explanation (in the form of canceled checks, receipts, etc).

Be sure to fill out tax forms completely and leave nothing blank. Don’t leave anything for the IRS to assume or wonder about. The computers will flag any discrepancies in math. You want to draw little or no attention to your return, so if it sails smoothly past the computers and the agents, that’s a good thing.

Be sure to keep copies of several years returns. The IRS can audit you from 3-7 years back for discrepancies. Be sure you are able to defend yourself by keeping your returns.

E-file if you can. The error rate for a paper return is 21% and the rate for e-filing is 0.5%. Less errors equal less flagging and attention from the IRS. The accountants and tax preparers at Poston, Denney & Killpack PLLC in Idaho Falls are familiar with these and other ways to avoid a tax audit. They can help you prepare your taxes, tax planning, and also helping you with any problems you may encounter with the IRS should you be audited. They are located In Idaho Falls and if you are trying to avoid or facing a tax audit, Poston, Denney & Killpack PLLC would love to help you maneuver through it! They are affordable, experienced and ready to help you this tax season avoid those IRS agents and their audits. In Idaho Falls call us at (208) 522-0886.

Worrying about the headache of end of the year tax filing? Stop, because Poston, Denney, and Killpack, P.L.L.C. will guide you safely through treacherous paperwork!

If you have a small business, you may or may not realize that January 15th is a big day. It is the day that your quarterly estimated taxes are due. Not currently filing taxes quarterly, but wondering if you should? Here is some important information to know. Quarterly estimated taxes are for the self-employed or those will receive large windfalls.
When filing quarterly taxes, it is essential to keep a careful schedule! The important dates are:

• For income received January 1st through March 31st, your estimate is due April 15th.
• For income received April 1st through May 31st, your estimate is due June 15th.
• For income received June 1st through August 31st, your estimate is due September 15th.
• For income received September 1st through December 31st, you estimate is due January 15th.

When dealing with end of the year tax filing, it is important to separate fact from fiction!

We have compiled a list of major misconceptions to clear the air!

• For quarterly taxes, you can just pay one lump sum at the end of the year. False! You can and should pay the amount due in payments during the year.
• If you don’t make much, you don’t need to file. False! If you made or received payments, you likely need to file an information return with the IRS.
• If you miss a payment, you should just wait until the next payment. False! You should make the payment as soon as you can to reduce penalties.

Contact Poston, Denney, and Killpack, P.L.L. C. today and see the miracles we can work for you!

When dealing with end of the year tax filing, the most important thing is getting it done right. You don’t want to find yourself bogged down for the next year and beyond by penalties and interest that could be avoided. Save yourself the headache of mistakes and the ensuing confusion by contacting us today. We will get and keep you on the right track!