So you’ve filed your income tax return and now you’re wondering if you’d be the next (un)lucky winner of an audit. CNN Money provides top advice on what to do just in case.
1. More audits. With the government needing the revenue, audits are simply on the rise. Your chances of getting audited rise if you have higher income, self-employed, or posted huge write-offs.
2. Don’t delay. Not acting within the period stated (30 days) will make the audit a final assessment giving you less chance to fight back.
3. Get an accountant. It might cost you a few hundred to a few thousand but at least you have someone who knows how the system works.
4. Less talk, less mistakes. Don’t provide any other information beyond what’s given. You might incriminate yourself.
5. Talk to the auditor’s supervisor. If you’re not satisfied with the auditor’s findings go one higher up and negotiate with his boss. They have more authority to make concessions.
