Worried about an IRS audit? Dr. Friday explains why solid accounting records are your best defense—and how software can make it easier.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Using a tax software is great, but using an accounting software may be better for most self-employed individuals. First thing you need to do is have good numbers—tracking your expenses.
If you’re ever worried about the IRS coming knocking—which, let’s be honest, all of us are always worried about it—having good tax records is the secret to defending yourself against an audit.
I had a gentleman we went through an audit with just a few weeks ago, and to be quite honest with you, we went through with no problems. His documents were in good order. The questions they had, we had exact numbers.
They didn’t dig very far because the answers that we gave them stopped them pretty much. Where if you’re not organized, they’re gonna keep digging to get more information. You have questions, just call me.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.