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5 things to help you prepare for a tax audit

Debt.com Logo By John Boitnott of Debt.com | Slide 1 of 6: Getting a letter from the IRS letting you know you’re the “lucky” recipient of a tax audit creates instant dread and panic. It’s the news no one wants to receive because it could mean more costs and even penalties. Yet, there’s a slight chance you could get a bigger refund, too. The IRS says it conducted close to one million tax return audits for 2017. [1] They did roughly three-quarters of those audits through correspondence and conducted the rest on-site. Close to 30,000 ended in additional refunds to the taxpayer, totaling more than six billion dollars. The reality is that a tax audit could happen and it may not be all bad. Click or swipe for five steps you can take to help ensure a good outcome. Want to keep up with more financial news? Click here to sign up for our free newsletter.

Getting a letter from the IRS letting you know you’re the “lucky” recipient of a tax audit creates instant dread and panic. It’s the news no one wants to receive because it could mean more costs and even penalties. Yet, there’s a slight chance you could get a bigger refund, too.

The IRS says it conducted close to one million tax return audits for 2017. They did roughly three-quarters of those audits through correspondence and conducted the rest on-site. Close to 30,000 ended in additional refunds to the taxpayer, totaling more than $6 billion . The reality is that a tax audit could happen and it may not be all bad. Click or swipe for five steps you can take to help ensure a good outcome. 

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