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How To Avoid An Audit

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John Stoller, CPA

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How To Avoid An Audit

How can I avoid an audit?

The best way one can avoid an audit is to always report all of your income. It's a big mistake not to report all your income. When I was an Internal Revenue agent, we did not have this 1990 reporting system where the income was matched up to the return, and we found, that at that time, in the early 60s, if you didn't report your income and it didn't go in the bank account then the chances are we wouldn't find it. However, if we did find it, then we didn't like it at all and the taxpayer paid dearly for that. On the other hand, those taxpayers who claimed deductions that are perhaps a little in excess of the amount that they can prove, the worst possible cases, they will pay a little tax and a little interest but it won't be any catastrophic results for doing that.

Thanks for watching our video How To Avoid An Audit For more how to videos, expert advice, instructional tips, tricks, guides and tutorials on this subject, visit the topic Understanding Tax.

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