What should you keep separate? Business and personal expenses, of course! When you operate a business, including a sole-proprietorship, an LLC, corporation, or even as a realtor, your business activities need to be kept separate from your personal expenses. This is especially important in the case of an audit by the IRS. Here are some […]
audits
Do You Want to Audit-Proof Your Return?
While certain taxpayers have a higher chance of being audited, such as small business owners with a schedule C, how can you audit-proof your return? Actually, there is no way of insuring that you never get audited, but just in case you do, to make sure that you come out unscathed, there is one secret […]
An Overview of IRS Audits
There are different types of IRS audits. The first and least complex is the correspondence audit, next is the office audit, and lastly and most complex, the field examination. I highly recommend to anyone who receives a letter from the IRS, or even the State of NJ, to contact their tax advisor as soon as […]