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How to Avoid IRS Audit Flags
Common IRS Tax Form Mistakes
How to Report Tax Shelters on IRS Forms
How to Report Business Losses on Schedule C Tax Form
How to Report Tips to the IRS
How to Report Itemized Deductions to the IRS
Reporting Rental Properties on IRS Tax Forms
How a Company Audit Affects Shareholders
File Accurate Return to Avoid Tax Audit
How Prepaying Affects Likelihood of IRS Audit
How to Organize Receipts for Tax Deductions
Electronic Vs. Paper Tax Filing
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Summary: Make sure that you keep your receipts in case you get audited. Learn the best ways to organize and store your receipts for a tax audit from the IRS in this free personal finance video from an experienced accountant.
Diana Crawford is a CPA with more than 20 years of public accounting experience. She is a graduate of Georgia State University with a bachelor's degree in accounting.read more
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"How to avoid an IRS audit. One of the best ways is to make sure you keep your receipts. If you have been audited previously and the IRS agent ended up, or your IRs audit ended up with a lot of adjustments, could be that next time your return is selected for review. Because you've had adjustments before, you're going to be audited again. So, if you were audited previously and you didn't keep good receipts, you need to make sure that you're doing so now. You can keep your receipts lots of ways, they don't necessarily need to be totaled, tallied, all tidied up year by year but it certainly is a good idea to do so. But, at least make sure that you're keeping the receipts. They can be loose, you want to keep them, you want to make sure that those receipts are going to be legible as time goes on. A great way to keep your receipts is possibly in a waterproof container. You might want to sort them in different ways. Possibly by months, possibly by vendor, possibly by deduction on your return. You can have receipts for your rental properties together, you can have receipts that go on your schedule A together. The most important thing is to make sure that you keep your receipts. Keep them in something that's going to protect them and keep them where you know where they are. Also, make sure that they're protected so that they can't be stolen or misused, but they're kept in a safe place. You don't necessarily have to go as far as a safe, but you might consider that depending on what you feel your risk or exposure is. But always keep your receipts. Keep them in a place that you can get to them, keep them organized. It will certainly benefit you greatly if your return is selected for an audit. If you want to avoid an IRS audit, the best thing to do is keep your receipts, keep them organized, if you're audited you'll get through the audit with no problem and at the end you won't be necessarily in line if you're selected again."
eHow Article: How to Organize Receipts for Tax Deductions
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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