Tax time can be stressful: meeting deadlines, finding invoices and receipts, and figuring out how much to write off while avoiding an audit. An accountant can alleviate some of the stress, but not all of it! A colleague of mine published these tips in their newsletter, figured I’d share. Here’s a list of things to avoid if you would prefer NOT to undergo an IRS audit: Eleven Red Flags The IRS Looks For: 1.) Forgetting to claim income that is already being reported to the IRS. 2.) ROUND numbers are always a flag. 3.) Large deductions for travel & entertainment. Computer programs at the IRS establish norms. Taxpayers that are outliers are at a higher risk of audit. In … [Read more...]