Prevention and Support
Ideally, you don’t want to be stuck with an audit in the first place. And if you’re careful with your tax filing, there’s no reason for the IRS to inquire further into it. However, if you still find yourself under audit, our team of tax professionals can work you through the process.
- Preventing an Audit
- While an audit can be triggered for numerous reasons, there’s always one constant that will set off the most warnings for the IRS: mistakes in your tax filing. If having to file overly complicated taxes (business taxes, out-of-state income, etc.), the likelihood of you making a mistake increases substantially. And if the IRS finds you’ve made too many mistakes in your tax prep, they will want to investigate. Thus, hiring a tax pro to help file your taxes is the best way to prevent an audit.
- When Prevention Isn’t Possible
- Sometimes, in gathering income, deductibles, tax credits and more, your tax filing can look decently different from years previous. And if the IRS notices significant changes or inconsistencies in your taxes, you have a higher risk of being audited. Unfortunately, if everything you reported to the IRS is correct, there’s no way to prevent such an audit. However, your best defense against the upcoming investigation is to be prepared.
- Preparing for an Audit
- With the help of Martin Hood, we can get your taxes and finances in order, so to best present them to the IRS. You must keep records of all your filings, expenses, income and spending each year, so there’s plenty of evidence to back the assessment of your taxes. It’s then our job to take all your records, organize them, and converse with the IRS over your audit. As long as you’ve been honest in your reporting and record-keeping, an audit will always end in your favor.
Discover the Financial Help You Need
After having dealt with tax audits in Peoria IL, Martin Hood can assist in other financial needs you may be facing. If you’re a business owner, we can help support your growth and provide bookkeeping. Or, if an individual for family, we can counsel you on yearly spending and finances. Other services we offer include:
- Entity Formation and Structuring
- Accounting System Set-Up
- Estate and Gift Planning
- Payroll and Sales Tax Processing
- Monthly Bookkeeping Services
- Employee Benefit Plan Audits
- And More