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Archive for July, 2011

The Truth about IRS Audit Letters

04 Jul

Online reports prove that wealth attracts widespread attention, envy and respect. Those with assets may attract the wrong kind attention, including unwanted attention from the financially challenged Uncle Sam. If you receive an IRS audit letter, it means it’s time to enlist the help of a Miami IRS audit attorney. But you don’t have to be wealthy to attract unwanted attention from Uncle Sam. Uncle Sam may want you, too. If you want Uncle Sam to knock at your door, just wave the flags and make it happen.

How to Win Friends and Invite the Influential IRS Over
Society pays attention to not just one’s occupation but the other methods people employ to acquire wealth, which may elevate them above the masses. The IRS, with its VIP pass to investigate personal wealth, is also paying attention. They may RSVP via an IRS audit letter.

The Money Myth: Size Matters
People pay attention to the financial secrets of the ultra wealthy. Society buys books, watches films, attends seminars and more. Special tax loopholes and interpretations may appear to be ingredients for big wealth.

However, your chances for an audit increase when red flags signal the IRS to issue an IRS audit letter, the time to contact a Florida IRS audit attorney. Kiplinger reports that approximately 1 out of every dozen tax returns is audited. It’s not only the size of your income but what you do with it that matters.

A Miami audit attorney can lead you from a road to ruin paved with good intentions. Successful members of society effectively apply what they learn and hire the right people to fill in gaps at the right time.

IRS Captures the Flags, Issues an IRS Audit Letter
Failure to report all taxable income, not reporting foreign/offshore bank account, math miscalculations that benefit taxpayers, and larger than average deduction are flags. Business expenses, such as travel, meals, vehicle, are common business deductions. However, tax returns with 100% deduction of a vehicle as a business expense is not.

Fear No Evil: Tax Deductions and Tax Credits
Tax deductions and tax credits are designed for eligible tax payers. These are not entitlements. Home-buyer credit, large charitable deduction(s), and home office deductions attract extra IRS scrutiny. Hobbyists beware, making a hobby out of tax deductions is a petty cash shell game that may backfire into receiving an IRS audit letter instead of a refund.

No matter income size, financial risk reduction and asset protection yield economic security. Take the shortcut. Enlist the support of an experienced Miami audit attorney. Whether it is an audit letter or trying to have remove a lien, attorneys in florida can help. Stop in to see us before the IRS stops in to see you. If the IRS has arrived at your door, stop in now at ours. Reclaim your life sooner, not later.