Five Steps to Avoid an IRS Tax Dispute

Nick Nemeth | Dallas IRS Help

At the Law Offices of Nick Nemeth, we focus on helping taxpayers put their IRS problems behind them. As you know if you have ever endured such a situation, it can be a very stressful and unpleasant experience. That is why we work hard to help our clients get through these difficult times and get back to enjoying life.

Obviously, the best course of action is to avoid IRS problems in the first place. And as this year’s tax filing season wraps up, it is an ideal time to look ahead and ensure that you’re taking steps to avoid IRS trouble. Below are five keys to keep in mind.

1) Carefully record your deductions. If you are claiming deductions beyond the standard deduction, it is critical that you keep careful records. The IRS often looks at deductions very skeptically, and a high level of deductions can raise red flags at the agency. This isn’t intended to scare you away from claiming deductions that you are legally entitled to—just a reminder to be sure that you can substantiate them if the IRS demands it.

2) Keep clear and accurate records. Beyond your deductions, it’s important to maintain careful records of income, expenses, and other circumstances. Maintain these records for several years of prior returns as well, as IRS audits can occur three (or sometimes more) years after filing. Clear, accurate records are your best friend should the IRS decide to audit your returns.

3) Withhold income, especially if you are self-employed or own a business. If you are self-employed, you can’t depend on your employer withholding taxes from your paycheck in order to ensure that you are able to pay your bill each year. It is your job to plan ahead and withhold a portion of your income—and failing to do this often results in….

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