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How to survive an IRS audit

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  • Description

    Shopper's Market: Financial consultant shares his tips

  • Duration 1:42
  • Date

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There -- words taxpayers dread the most.

IRS audits one in every eight millionaires got hit with one in 2011.

And you -- expect the tax and the come back with a vengeance this year especially for high income earners they -- where the money isn't wealthy people have the money.

More important there -- -- targeting small business owners.

Answer that question be very specific developed says lack of documentation is the biggest mistake and prepping for an audit.

Replace any missing documents organizer records and don't make excuses.

If you do you end up owing money create -- payment plan with the IRS.

You've negotiated a settlement isn't what you -- them.

If you negotiate a payment schedule that point you can aboard a huge -- penalties and interest going phone and get those taxes done on time.

Late filing penalties can be challenged because of certain illnesses -- the death of a spouse or partner but being too busy is not an excuse the IRS -- -- And it will weigh -- against you heavily when trying to get penalties way.

In New York Brenda Buttner Fox News.

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