Steer Clear of a Tax Audit for 2010
Watch Out for These Common Pitfalls
Posted by: RE Technology
The Internal Revenue Service audits about one percent of US Taxpayers each year. As a real estate professional, you are likely to have an independent contractor relationship with your broker. Although your chances of being audited are pretty slim, there are basic principles that will reduce the likelihood of being part of that one percent.
A few items to avoid are significant deductions for automobile expenses, home improvements, or outrageous meal expenses. By following these 7 steps, you can lower your chances of being audited.