I have yet to be audited by the IRS, I guess that is a good thing. But just because you are being audited it doesn’t mean that you necessarily have done something wrong. From what I have read 25% of IRS audits end with the taxpayer owing no additional money. So, if they come knocking, there is no need to freak out!
Never bring previous year’s tax returns to an audit
I was recently reading in a publication that I get that you should not provide tax returns for the IRS for years other than the one in question. Apparently it is in the IRS rules that the taxpayer is NOT required to provide information for other tax years – only the one for which you are being audited.
The irony is that, according to the article I read, the audit notice from the IRS asks you to bring previous year tax returns. I must say that it frustrates me a bit when organizations, especially the government, contradict themselves like that. But, store that little tidbit in your memory bank in case it ever happens to you.
These are a few articles I have been reading lately…
- Is it Biblical to seek wealth?
- Achieving your New Year’s Debt Reduction Goal (9-part series)
- 20 things that Rock about being debt-free!
- How to not worry about your finances
- 10 businesses you can start for cheap/free
- Have some fun without spending a lot of money
- Frugal people focus too much on the outgo
- What is Freecycle?
And I need to get caught up mentioning some carnivals from the last few weeks… Cheesehead Carnival, Fairy tale carnival, Walking with God, Carnival of Debt Reduction, Carnival of Personal Finance, Money Hacks, Festival of Frugality
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Thanks for the link! Never trust the IRS – that’s what I say!
Ooh, hate the audits. I’ve won one and lost one. Shooting 50%. Thanks for the link, Bob.