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Message
re: Just got IRS letter - update
Posted on 4/29/24 at 4:38 pm to Strannix
Posted on 4/29/24 at 4:38 pm to Strannix
I have a feeling I’ll be getting that same letter.
Never been audited even when I owned a commercial property.
It’s coming. Like you, I can give the new IRS fools some work to do as we are in almost the exact position you described.
Never been audited even when I owned a commercial property.
It’s coming. Like you, I can give the new IRS fools some work to do as we are in almost the exact position you described.
This post was edited on 4/29/24 at 4:44 pm
1
Posted on 4/30/24 at 12:01 am to roadGator
Back in the late 70's and early 80's my dad and his business were audited 7 straight years. My dad was a good guy, but thank God my mom was an excellent bookkeeper and they always had a good CPA to make sure he stayed inside legal boundaries but took advantage of every legal loophole he could. Each year the government owed my dad a refund and I guess they decided to leave him alone after that and never audited him again.
His advice: never take every deduction you can take, but always know it's there and documented if you need it.
His advice: never take every deduction you can take, but always know it's there and documented if you need it.
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