Why call Green Tree Tax if you need IRS audit help in Houston texas
IRS examination is one of the most stressful aspects we may face in our lives. We are tax professionals in IRS audit help in Houston, Texas. Many of us would rather face other problems than deal with the IRS. But then, this is something that we cannot escape at all. We can elude it but not for long.
Historically, there are only a few income tax returns that the IRS gives a second look. But the following can increase your chances of getting into a problem with the IRS and start getting an IRS correspondence examination.
What are the top 5 factors can cause an IRS audit?
- Earning more than a million
Upon you report an income reaching up to 7 digits, your chance of getting flag goes up. The IRS is more focus on those rich people. The idea behind this is that they need to take a closer look at those who have the most money as they are those who have more to hide. The budget cuts from a few years back is another reason they need to get the best possible return on the investment on the IRS examination.
- Taking big deductions for the charity
When you give to charities, it would be a great write-off for your tax. But then, when it is disproportionate from compared to the income you got, you can expect an IRS examiner coming for you.
- Filing a tax return for an estate
This kind of tax return is quite rare and because of this, the IRS takes these forms carefully for scrutiny. Just like with income returns, if you have a bigger estate, the chances of an IRS examination is also bigger.
- Failing to report all your income
The forms you receive from your company like the W-2 forms and 1099s have a duplicate to the IRS as it is the company’s obligation. Once, your report does not match with those forms, you can at the very least expect an IRS correspondence.
What other things can trigger an IRS audit?
- Breaking Foreign Account rules
If you have any money in any account outside the country, you must report them annually. Otherwise, if IRS find our the may issue severe penalties aside of course from the IRS examination.
- Taking an early retirement account payout
Owners of any retirement accounts that withdraw a great sum of money before reaching the age of 59 ½ are given special attention by the IRS. It is because of the additional 10% penalty that it is subjected to. If the withdrawal made is for a certain and valid reason, this can be overlooked.
- Claiming a big business deduction
When you take a business deduction that is disproportionate to your income, the IRS examination will be with you in no time. If you reported it for a big loss in your business operation make sure you have all the necessary write-off to back you up.
Why Contact Green Tree Tax for IRS audit helps in Houston?
Facing an examination from the IRS is a problem we need to deal with properly with regards to our taxes. So, when you have an IRS examination problem and need IRS audit help, we can help. Green Tree Tax is your ultimate tax problem solver in Houston.