A tax audit is not something to be afraid of. We are tax defenders who work diligently to ensure that you get the best results after you have been audited on your taxes. What is a tax audit? An audit is when the IRS decides to take a closer look at your tax return because something doesn’t look right to them. In most cases, they will take a look when something that you submitted looks a bit out of the ordinary, but that doesn’t always mean that you will be penalized – sometimes it is just a simple misunderstanding. If you need help with your taxes in any way, we are here for you. Today we will take a closer look at how businesses do taxes and what many others do when they are audited.
The Statistics Surrounding the Dreaded Tax Audit
Today we will take a glimpse into everything you need to know about taxes, from underreporting income, to back taxes and more. When you have underpaid your taxes, this is known as fraudulent activity to the IRS, who could charge you anywhere from 5-25% of the unpaid tax that you owed each month. If you failed to report your income by $5,000 or 10% of your actual income, you could face serious penalties.
It is not uncommon to be audited, especially when you have a business, because mistakes happen on both ends. The IRS can choose to audit any return within three years of filing. They can also collect back taxes owed for up to 10 years. You could receive one of three audits: The ones where they send them by mail, to your IRS office, or when they show up to your place of business. If you are a business owner facing an audit and you fail to submit at least 90% of the taxes you owe, you could fall subject to serious penalties that you will be paying back.
Audits are serious business, but they are nothing to fret over to the point of constant stress and fear. Especially when you have a tax defender on your side, you will get the outcome you deserve. We can help in your time of need.