OfflineDid you know that only about 1% of the U.S population with incomes under 200K are ever audited. If you are a millionaire it rises to 12%. There is also in most cases a time limit to be audited, which again in most cases is only a 3 year window. And finally, if you were to be audited; it usually comes down to just mailing in your documentation. As long as you fill out your information in good faith, and you have your employer W-2"s; it is unlikely that you will even be audited. So go do your taxes and enjoy the feeling of accomplishment. To read more on this subject go to the link below
http://nationalreihomes.com/real-estate-news-blog.html
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Anyone can be audited at any time. Roll of the dice, even though the chances are minimal.
I've had colleagues who did their taxes perfectly and got audited and some who's taxes were horrid, had to do amendments, owed, etc. and nothing.
Just make sure as an investor that you document everything and make sure you know what your receipts and where your deductions came from;
Gasoline: Keep your gas receipts and write down your mileage useage when traveling to see properties
Food: When paying for a meal for a client or having a working lunch, write down date and reason behind meal. Do the same with gas receipts
Clothing upkeep: Your clothes don't pay for themselves so when you have to buy new clothes or have them dry cleaned or taken to the laundromat, this relates to your profession
Marketing expenses: Business cards, bandit signs, etc
Make sure you have a good CPA who can keep you out of the IRS offices and jail.
Yes, anyone can be audited anytime, but it is probably not as bad as we imagine. The IRS does do random auditing,hence, probably why there is still the 1% who do get audited under 200K.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
post!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.