Red Flags for the IRS that May Trigger an Audit!

Even if there’s no funny business going on, the IRS may still run an audit on your business. Its best to be prepared as possible, and know what they are looking for, including:

• Making a lot of money
• Failing to report all taxable income received 
• Taking higher than average deductions
• Deducting large charitable donations
• Deducting business meals, travel and entertainment expenses 
• Not reporting a foreign bank account 
• Claiming 100% business use of a vehicle 
• Failing to report large gains from gambling or claiming big losses in gambling
• Claiming the home office deduction 
• Claiming the foreign earned income exclusion 

Nobody wants to be audited! Even if you’ve done everything right, you can still miss important aspects that might lead to an audit. Taxes are confusing! Don’t miss out on the chance to keep your money, get more of it back, and achieve that feeling of safety. When you hire Lisa Amador to do your taxes, she won’t miss a thing. 

Tax specialist in Belleville and the surrounding areas

Contact Amador Accounting today! Lisa Amador is the best tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907 

What has changed since last year?

Taxes are ever changing, and often it’s hard to keep up with what’s new and what no longer applies. 

Here are some changes to look out for:

• Late refunds- An act passed in 2015 says that the IRS cannot send out refunds until February 15^th when the Earned Income Tax Credit or the additional child tax credit is claimed on the return. 
• Deductions for Senior Medical Expenses- to claim a deduction for medical expenses, the expenses must be greater than 10% of your adjusted gross income. 
• Threshold adjustments - phase out for Traditional and Roth IRA’s will both rise $1000 in 2017 for single tax payers ($2000 for couples filing jointly). 
• Exemption amounts for the Alternative Minimum Tax rise to $54,300 for individual filers and $84,500 for married couples filing jointly who claim three or more qualifying children.

Tax specialist in Belleville and the surrounding areas

Contact Amador Accounting today! Lisa Amador is the best  tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907