Avoid an Audit!

Other than the obvious: file your return!, there are several considerations to help you in the event of an audit or to avoid an audit.

  • Report all interest, even if you don’t receive a 1099 INT. You are required to report all income, even if the bank etc. isn’t required to send you a form; so do it.
  • Rarely are someone’s office expenses, or household donations to charity a round number, for example: $300.00. Keep the receipts for your expenses, be realistic in your assessment of the value of those old pots and pans.
  • Make sure your charity donations are to registered charities and that you deduct the value of any goods or services you receive.  Remember: receipts are required.
  • Take every deduction you are entitled to, just document, document, document.

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