Taxes

I’m Getting Audited! What To Do and What Not To Do

Did I Tell You Guys I was getting Audited?

 

 

Oh Yeah…that just happened!

I really didn’t think that I would get audited….I mean ..who thinks of these things right?

Tax Audit!removed

You see, I made a tiny mistake on my return. But of course, they went back a couple of years just to make sure I’m claiming everything I’m supposed to as a small business.

 

But as an online business, we kind of go by a different set of rules.

If you have an MLM or direct selling business, they should tell you these things. But as an online coach, there are things that are kind of in the grey area of things.

 

Things I learned on this Audit:

 

Fact #1

From the time that you start your business, you have 3 to 5 years to show a profit. After that , the IRS will send you a letter pretty much saying….because you haven’t made a profit in these 5 years, this is really not a business- its more like a hobby…….so we are going to let you write off stuff …only up to what you made.

 

Which means: After the IRS sends you that letter- if the next year you made $300- that’s all you can write off. As an online business, that can hurt you.

What does that mean to you? After the 2-3 years – start showing some profit.

 

Fact #2

When you file your taxes, also find yourself a tax auditing service that will be there just in case you do get audited.

Believe me- if you have an accountant- ask if they will represent you during an audit.

Most of the Tax places should have something like that in place. I paid for Tax Audit every year from Turbo Tax. They were worth every penny! No stress!

 

Fact#3

When filing your taxes, make sure you have your receipts. Also if you travel- grab a flyer, take a picture of what you are doing there, something~!

When I was going through this audit, even though I had receipts, and car log reports, they asks for a flyer or a ticket or something that shows that it was a part of a business activity. We had taken pictures of our presentations at our locations and we had flyers to back up our travel expenses. If we didn’t have that then they would have disallowed the write off.

 

Fact #4

Don’t Panic! When you first get the notice it looks scary. (I think its supposed to ) But just take it down a notch and consider it a challenge! You may possibly get more money back- you never know!

But, for me, what made it easier was that I had someone going in for me- I didn’t have to do all the talking. Just saying.

But if you don’t have someone going in for you like Tax Audit, then schedule the appointment as far out as you can and then try to get in touch with the actual auditor. Most likely they will tell you what they are questioning and then when you go to your appointment you will have everything in hand.

Remember these are people too- so you can do it!

 

 

I had a lot of tools with me that help me with this process. I was well prepared and my documentation was in place because these tools saved my butt!

 Taxbot

This tool is absolutely amazing! It is an app you can install on your phone that gives you the capability to take a picture of your receipt and then enter all the information that you need right then and there. Also at the end of the year- Tax bot puts all of your receipts and your recorded mileage in a nice neat package that is “Audit Proof”, which means that it has everything the IRS will ask for just in case.

taxbot

 

TaxAudit

I get this service when I’m checking out with Turbo Tax. But you do not need Turbo Tax to get this. They have memberships and they have emergency services as well. They pretty much take your paperwork and deal with the auditor. Most of them have prior networking relationships with the Auditor, so they know what they want to see. This helps your case in the long run. Worth the money!

taxauditservcie

Tax Organizing

Year round there are Congress approved write off that Small Business Owners can pull off that others that are not in a business can.

Ron Mueller is a tax representative that is always keeping up with what small business and in particular ONLINE BUSINESSES can do and can’t do. He spells it out pretty good.

He has a couple of courses available, but it is totally worth it to sign up for his free newsletter or webinar..

His newsletter itself always gives entrepreneurs a heads up when Congress passes the latest and greatest.

Click Here to grab the newsletter!

ron

 

Thats i! These are my Tax Audit Saving tools. I hope this helped!

 

85 Comments

  1. I just want to mention I am new to blogs and honestly loved you’re web-site. Almost certainly I’m want to bookmark your blog . You actually have fantastic writings. Thanks a bunch for sharing your website.

  2. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214

  3. I merely wish to notify you that I am new to putting up a blog and incredibly loved your page. Very likely I am likely to bookmark your blog post . You seriously have memorable article blog posts. Truly Appreciate it for swapping with us your very own internet site article

  4. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888

  5. What on earth is captcha code?, pls provide me captcha code codes or plugin, Thanks in advance.

  6. You can certainly see your expertise in the work you write. The world hopes for more passionate writers like you who are not afraid to say how they believe. All the time go after your heart. “In America, through pressure of conformity, there is freedom of choice, but nothing to choose from.” by Peter Ustinov.

  7. F*ckin’ tremendous things here. I am very satisfied to look your article. Thank you a lot and i am taking a look forward to touch you. Will you please drop me a mail?

  8. I was looking at some of your content on this site and I believe this site is really informative! Keep on posting.

  9. You could definitely see your expertise in the work you write. The sector hopes for even more passionate writers like you who aren’t afraid to mention how they believe. All the time follow your heart. “What power has law where only money rules.” by Gaius Petronius.

  10. You can definitely see your expertise in the paintings you write. The world hopes for even more passionate writers such as you who aren’t afraid to say how they believe. Always go after your heart

  11. Simply wanna say that this is very beneficial , Thanks for taking your time to write this.

  12. I conceive this web site has some really excellent information for everyone :D. “Experience is not what happens to you it’s what you do with what happens to you.” by Aldous Huxley.

  13. of course like your website however you have to test the spelling on several of your posts. A number of them are rife with spelling problems and I in finding it very bothersome to tell the truth nevertheless I will certainly come back again.

  14. I truly enjoy reading on this internet site , it holds superb content . “We find comfort among those who agree with us–growth among those who don’t.” by Frank A. Clark.

  15. You could definitely see your skills within the paintings you write. The arena hopes for more passionate writers like you who are not afraid to say how they believe. Always go after your heart. “If you feel yourself falling, let go and glide.” by Steffen Francisco.

  16. Very interesting information!Perfect just what I was searching for!

  17. Only wanna comment that you have a very nice site, I like the style it really stands out.

  18. I’ve been absent for a while, but now I remember why I used to love this site. Thanks, I’ll try and check back more frequently. How frequently you update your site?

  19. I truly appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thank you again!

  20. What i don’t understood is if truth be told how you are no longer actually much more well-appreciated than you may be now. You’re very intelligent. You realize thus significantly when it comes to this subject, made me individually believe it from a lot of various angles. Its like women and men aren’t fascinated except it is one thing to accomplish with Woman gaga! Your personal stuffs great. All the time handle it up!

  21. Great beat ! I would like to apprentice while you amend your site, how can i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear idea

  22. Absolutely pent articles , thanks for information .

  23. I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thx again!

  24. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214

  25. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888

  26. You are my aspiration, I possess few blogs and sometimes run out from brand :). “Fiat justitia et pereat mundus.Let justice be done, though the world perish.” by Ferdinand I.

  27. Hey there, just became aware of your blog page through Search engine, and have found that it is pretty good. I’ll be grateful for should you continue this.

  28. I simply wish to advise you that I am new to having a blog and thoroughly enjoyed your article. Quite possibly I am inclined to bookmark your blog post . You definitely have amazing article material. Delight In it for swapping with us your own internet report

  29. Hello, Neat post. There’s an issue along with your site in web explorer, may test this… IE still is the marketplace chief and a huge part of people will leave out your magnificent writing because of this problem.

  30. I simply could not go away your site prior to suggesting that I actually enjoyed the usual info an individual supply on your guests? Is going to be back often in order to check out new posts.

  31. Hi my loved one! I wish to say that this post is awesome, nice written and include almost all important infos. I would like to look more posts like this.

  32. Real good information can be found on site . “There used to be a real me, but I had it surgically removed.” by Peter Sellers.

  33. I view something genuinely special in this internet site.

  34. Very interesting points you have observed , appreciate it for posting . “Great is the art of beginning, but greater is the art of ending.” by Henry Wadsworth Longfellow.

  35. My brother suggested I might like this web site. He was entirely right. This post truly made my day. You can not imagine just how much time I had spent for this information! Thanks!

  36. F*ckin’ awesome issues here. I’m very glad to look your post. Thank you so much and i’m taking a look forward to contact you. Will you kindly drop me a mail?

  37. Law

    I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thanks again

  38. I have not checked in here for some time as I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my daily bloglist. You deserve it my friend 🙂

  39. I conceive this internet site contains some very superb information for everyone :D. “A friend might well be reckoned the masterpiece of nature.” by Ralph Waldo Emerson.

  40. Thank you, I’ve recently been looking for information approximately this subject for ages and yours is the greatest I’ve discovered till now. But, what concerning the bottom line? Are you certain about the source?

  41. Utterly pent articles , thankyou for selective information .

  42. I conceive you have noted some very interesting details , thanks for the post.

  43. F*ckin’ tremendous issues here. I’m very glad to see your article. Thanks so much and i’m taking a look forward to contact you. Will you please drop me a mail?

  44. You have brought up a very great details , appreciate it for the post.

  45. Generally I do not learn article on blogs, but I wish to say that this write-up very pressured me to try and do so! Your writing taste has been amazed me. Thanks, quite great article.

  46. I have not checked in here for some time as I thought it was getting boring, but the last few posts are good quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂

  47. Absolutely written articles, appreciate it for information. “He who establishes his argument by noise and command shows that his reason is weak.” by Michel de Montaigne.

  48. I like what you guys are up too. Such intelligent work and reporting! Keep up the superb works guys I have incorporated you guys to my blogroll. I think it will improve the value of my site :).

  49. I like this web blog so much, saved to favorites. “Respect for the fragility and importance of an individual life is still the mark of an educated man.” by Norman Cousins.

  50. F*ckin’ amazing things here. I’m very glad to see your post. Thank you a lot and i’m looking ahead to contact you. Will you kindly drop me a e-mail?

  51. I have been absent for a while, but now I remember why I used to love this website. Thank you, I’ll try and check back more often. How frequently you update your site?

  52. I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thanks again!

  53. Very interesting details you have observed , thankyou for putting up. “Ignorance, the root and the stem of every evil.” by Plato.

  54. We will provide deal reviews, deal coaching, and follow up to ensure you win the deals you can’t afford to lose.

  55. I do agree with all the concepts you have presented to your post. They’re really convincing and will certainly work. Nonetheless, the posts are very short for novices. Could you please prolong them a little from next time? Thanks for the post.

  56. A lot of thanks for each of your labor on this website. My daughter really likes carrying out internet research and it’s obvious why. A number of us notice all relating to the lively method you provide powerful solutions through the web blog and therefore foster participation from website visitors on the article then my girl is without a doubt becoming educated so much. Have fun with the rest of the new year. You are conducting a tremendous job.

  57. I have learn several just right stuff here. Certainly price bookmarking for revisiting. I surprise how so much effort you put to make one of these excellent informative website.

  58. I am just commenting to let you know what a outstanding discovery my friend’s princess went through checking your web site. She mastered so many details, which included what it is like to have an excellent helping character to make many people completely know a number of multifaceted issues. You actually surpassed our own desires. Thanks for showing these priceless, dependable, explanatory and also fun thoughts on your topic to Sandra.

  59. Hey there, You’ve done a great job. I will definitely digg it and personally suggest to my friends. I am confident they’ll be benefited from this web site.

  60. Hi there very cool site!! Guy .. Beautiful .. Wonderful .. I’ll bookmark your web site and take the feeds additionally¡KI’m satisfied to find numerous useful information here in the submit, we need develop extra techniques on this regard, thanks for sharing. . . . . .

  61. You made some decent points there. I looked on the internet for the subject matter and found most guys will go along with with your site.

  62. Keep working ,fantastic job!

  63. Hello my loved one! I wish to say that this post is awesome, great written and come with almost all vital infos. I¡¦d like to look more posts like this .

  64. Of course, what a fantastic site and educative posts, I surely will bookmark your site.All the Best!

  65. Hi, i think that i saw you visited my website thus i came to “return the favor”.I am trying to find things to enhance my website!I suppose its ok to use a few of your ideas!!

  66. I savour, result in I discovered exactly what I was looking for. You have ended my four day lengthy hunt! God Bless you man. Have a great day. Bye

  67. Definitely, what a great website and instructive posts, I surely will bookmark your blog.Best Regards!

  68. I consider something genuinely special in this site.

  69. Pretty section of content. I just stumbled upon your web site and in accession capital to assert that I acquire in fact enjoyed account your blog posts. Any way I will be subscribing to your feeds and even I achievement you access consistently quickly.

  70. You actually make it seem so easy along with your presentation but I to find this matter to be really one thing which I think I might by no means understand. It seems too complicated and extremely vast for me. I am having a look ahead in your next submit, I¡¦ll attempt to get the hang of it!

  71. Wonderful beat ! I wish to apprentice while you amend your site, how could i subscribe for a blog web site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept

  72. you’re really a excellent webmaster. The website loading velocity is amazing. It sort of feels that you’re doing any distinctive trick. In addition, The contents are masterwork. you’ve done a magnificent task in this matter!

  73. Thank you so much for providing individuals with such a spectacular opportunity to read in detail from here. It can be very sweet and jam-packed with a great time for me personally and my office fellow workers to visit your site at minimum 3 times every week to read the latest secrets you will have. And indeed, we’re usually fascinated with the remarkable tips you serve. Selected two facts on this page are particularly the most suitable I have had.

  74. Whats Happening i’m new to this, I stumbled upon this I have discovered It absolutely helpful and it has aided me out loads. I am hoping to give a contribution & aid other customers like its helped me. Good job.

  75. I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but certainly you’re going to a famous blogger if you are not already 😉 Cheers!

  76. I haven’t checked in here for a while as I thought it was getting boring, but the last few posts are great quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  77. I have recently started a web site, the information you offer on this website has helped me greatly. Thank you for all of your time & work. “The achievements of an organization are the results of the combined effort of each individual.” by Vince Lombardi.

  78. Thank you a lot for giving everyone remarkably terrific chance to read critical reviews from here. It’s always so pleasurable and also full of a great time for me personally and my office co-workers to search your blog really thrice weekly to read through the newest stuff you have. Of course, I am certainly amazed considering the great hints served by you. Some two facts on this page are indeed the most efficient I’ve ever had.

  79. Magnificent goods from you, man. I’ve understand your stuff previous to and you are just extremely excellent. I really like what you have acquired here, certainly like what you’re stating and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I can’t wait to read far more from you. This is really a great website.

  80. Hello There. I found your blog using msn. This is an extremely well written article. I will be sure to bookmark it and come back to read more of your useful information. Thanks for the post. I’ll certainly return.

  81. I’ve recently started a website, the info you offer on this web site has helped me tremendously. Thank you for all of your time & work.

  82. Nice post. I find out some thing harder on diverse blogs everyday. It will always be stimulating you just read content off their writers and practice a little there. I’d choose to apply certain while using the content on my blog whether or not you don’t mind. Natually I’ll give you a link on your own internet weblog. Appreciate your sharing.

  83. Thanks for another informative website. The place else may I get that kind of information written in such a perfect method? I have a undertaking that I’m simply now working on, and I’ve been on the glance out for such information.

  84. Undeniably believe that which you said. Your favorite reason appeared to be on the internet the simplest thing to be aware of. I say to you, I definitely get irked while people consider worries that they just do not know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people could take a signal. Will likely be back to get more. Thanks

  85. I do not even know how I ended up here, but I thought this post was good. I do not know who you are but definitely you’re going to a famous blogger if you aren’t already 😉 Cheers!

Leave a Reply

Required fields are marked*