Category: Taxes & IRS Audits

If you own a Florida home, you may wonder when you should file for homestead. Homestead is a legal status that provides homeowners certain protections and benefits, including reduced property taxes. This article will explore when you need to file for homestead in Florida and why it is essential. What is Homestead? Homestead is a […]

Making your primary residence in Florida your homestead provides you with both tax benefits and an unlimited creditor protection against most creditors/lawsuits. This Article will cover the basics of Florida Homestead and the great benefits of making your primary residence your Homestead. What is Considered Florida Homestead? In order to make your home in Florida […]

This is part 6 of 6 of our in-depth guide to winning your audit. Finishing Audits Toward the end of every meeting with the auditor, ask her what adjustments she intends to make. While she may not be willing to commit without running it by her manager, she may have some idea. Try to pin […]

This is part 5 of 6 of our in-depth guide to winning your audit. Preparing for an Audit In preparing for an IRS audit, begin by taking the following four steps: Step 1. Review the tax return being audited. If it was professionally prepared, go over it with the preparer. If you did it yourself, […]

This is part 4 of 6 of our in-depth guide to winning your audit. Types of IRS Audits There are three types of IRS audits: correspondence, office, and field. The way the IRS goes about auditing you can produce very different results. A few years back, office audits resulted in additional tax and penalties averaging […]

This is part 3 of 6 of our in-depth guide to winning your audit. When the IRS Increases Your Tax Bill Without an Audit The IRS increasingly relies on computer-generated tax bills that are technically not audits. This means your tax return still could be examined in the future. The IRS is authorized to make […]

This is part 2 of 6 of our in-depth guide to winning your audit. Audit Selection—Why Me, O Lord? You just got an examination notice from the IRS. Are you merely unlucky, or are there more sinister forces at work? Computers and Classifiers The IRS computer is to blame for most audits. Each year, your […]

This chapter deals with the types of IRS audits—both correspondence and face-to-face—that individuals and small business owners are most likely to face.