Preparation is the Key
November 10, 2011
November brings a chance to prepare for the 2011 filing season and also for me to take advantage of continuing education. I recently attended two different seminars , one with the State of Oregon and the other was a Federal Tax Update. In summary, the things I learned from these seminars was how important it is to teach how to gather and store documentation and how taxpayers must be able to substantiate their deductions.
At the State of Oregon Liaison meeting, I heard from state auditors about how they interact with those selected for audit. The number one problem seems to be timely response to their audit request. To fix this problem, the State of Oregon is putting a 10 day deadline to call and make a connection with the auditor. This short time frame may frustrate tax payers, but the truth is that a quick phone call to the auditor from the taxpayer or the CPA will satisfy the 10 day time frame. This lets the state know that you have received the request and you can then set up a time to get the requested information gathered.
What will you likely need to provide to the auditor? If you are a small business owner you will need to provide bank statements including credit card statements, general ledger, cancelled checks, receipts. They may even request a copy of your Quickbooks file, though you can print out reports to satisfy their requests.
My experience has taught that an organized response makes the auditor happy and will result in a better outcome. But to be organized, the taxpayer must be prepared. This means that you have copies of charitable donation receipts, mileage logs, proof of home office use, etc. Usually you must have these documents created contemporaneously, meaning that at the same time that the expense occurred. Write down who you took to lunch on that receipt, detail out your business mileage on a phone app, keep copies of your phone statements, jot down the purpose of the business trip. Our memories fail us and if we have to go back and recreate these documents it will be much harder.
Sometimes during the year you have a question about whether an expense is tax deductible or whether a tax credit will benefit you. Contact your CPA during the year to make sure. Don’t wait until tax filing day to ask if you did it right back in July of 2011.
Tax filing season is quickly approaching. Enjoy the holiday season and take time to get organized and ready to make tax filing easy and painless!
November 13, 2011 at 8:57pm | Permalink
I appreciate your article . These are great pointers especially for taxpayers that must be able to substantiate their deductions .
November 20, 2011 at 10:44pm | Permalink
This is the superb site and i like your tax filing preparation information. But how can i check my state tax refund status
November 20, 2011 at 11:34pm | Permalink
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November 22, 2011 at 5:55pm | Permalink
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November 25, 2011 at 10:11pm | Permalink
Even i am the owner of a small shop, i keep an organized report off all the monthly transactions before the visit of the auditor. I found this pretty helpful, as i give him the properly organized reports he do not have to waste his time in asking for any report and saves my efforts too.
December 29, 2011 at 2:09am | Permalink
It’s true that a good preparation helps us in achieving our goals.
December 29, 2011 at 9:32pm | Permalink
Impressive article.
January 9, 2012 at 2:36am | Permalink
Thats an excellent advice Shauna.Not only for the tax filling but for living an organized life style, its very essential to be prepared for facing any kind of situations like the disastrous, health etc.
January 14, 2012 at 3:47am | Permalink
Filing the return really requires a lot of dedication and preparation as well.
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January 23, 2012 at 1:57am | Permalink
Like most things in life, preparation is the key to success, and filing your federal income tax is no exception. By preparing your file, doing your research and reading up on the latest changes to the tax codes, you can not only lower the amount you owe but actually maximize your chances for a refund.
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January 28, 2012 at 11:01pm | Permalink
Hi Shauna!! I really like your post. Paying tax in time is very crucial and I hope lot of readers got sense by reading this post. Thanks and waiting for your next update.
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