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IRS Audit Help Mitchell SD

If a person has a nightmare about finances, chances are that it is about IRS audits. However, if you are paying your taxes regularly and honestly about your filings there is no reason why you should be afraid of an audit. The IRS picks people with the help of a computer software program that zeros in on individuals that could have erred in filing their returns.

Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
Qualifications
Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

Data Provided by:
Liberty Tax Service
(866) 871-1040
532 E Anamosa St
Rapid City, SD

Data Provided by:
H&R Block Inside Sears At Rushmore Mall
(605) 399-2114
2200 N MAPLE AVESW Suite 8
RAPID CITY, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

Data Provided by:
H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

Data Provided by:
H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

Data Provided by:
Carlon & Millar Prof Llc
(605) 996-6850
201 E 4th Ave
Mitchell, SD
 
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IRS Audit Help

IRS Audits

Pick your favorite scary movie. It could be the first Alien or something else. No matter how scary they were, nothing is scarier than IRS audits.

If a person has a nightmare about finances, chances are that it is about IRS audits. However, if you are paying your taxes regularly and honestly about your filings there is no reason why you should be afraid of an audit. The IRS picks people with the help of a computer software program that zeros in on individuals that could have erred in filing their returns.

Normally, people who show deductions too high in relation to their income or tax items as erroneous are more likely to face a tax audit. Even so, only 1.5 to 2 percent of all tax filers are audited every year. The reason for the relatively low rate is the IRS simply does not have the staff to do the work. Think about it. There are hundreds of millions of tax returns filed each year!

One area the IRS does get riled up about is abusive business loss claims. The IRS looks for people who show losses in business over the years. If you are claiming business losses each year, it begs the question as to how you are staying in business. People that fudge in this area are really asking for trouble through IRS audits.

Moreover, if you have these things on you tax forms you may attract a tax audit:

• Unreported taxable income is definitely going to attract audit. For example, interest earned.
• You have complicated business expenses
• You have rental expenses.
• You have been audited earlier and proven guilty.
• If you are a partner or shareholder in an audited firm.
• You claim to donate heavily to charities.
• Self-employed people have the greatest chance to claim erroneous deductions; hence, they are more likely to be audited.
• Deductions under home office are also open for scrutiny more often.
• If the mileage claimed is large enough to cause doubt.
• If you have not filed alimony under taxable income.
• Some informant has tipped the...

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Opinion Corner
Tax Payers in South Dakota shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 100%
No: 0%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 0%
Do not need it: 66%
Think it is a scam: 0%
Do not know what that is: 33%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 33%
No: 0%
Need more information: 66%
Source: Survey.com