The IRS is coming for you! Well, not really. But they are definitely ramping up their audits and collections efforts. And if you haven’t been filing your tax returns or you owe them money, they are going to come after you with a vengeance.
President Donald Trump was never in an IRS Audit, but he still managed to prevent the IRS from auditing him, at least that is what is currently being reported.
The average American taxpayer cannot stop the IRS from auditing their personal and business tax returns, but there are steps that can be taken to reduce the chances of being audited.
In this blog post, we will discuss the shocking truth about Donald Trump and IRS Audits!
President Donald Trump managed to prevent the IRS from auditing him, even though he was never in an IRS Audit! This is an astonishing feat for a wealthy businessman like Trump. The average American taxpayer cannot stop the IRS from auditing their personal and business tax returns, but there are steps that can be taken to reduce the chances of being audited. In this blog post, we will discuss how Donald Trump avoided being audited by the IRS and what steps other taxpayers can take to minimize their audit risk.
The first thing to understand about Donald Trump’s relationship with the IRS is that he has always had a team of accountants and lawyers who know how to navigate the complex world of taxes. These experts have helped him maintain a low profile when it comes to his finances, which has likely reduced his chances of being audited.
In addition, Mr. Trump has been able to use his vast wealth to pay off any minor discrepancies in his taxes before they become major issues with the IRS. He also takes full advantage of all available tax deductions and credits, which reduces his overall tax burden significantly.
Finally, Mr. Trump has also employed aggressive strategies when it comes to filing his taxes each year; for example, he often files for extensions on April 15th so that he can take as much time as possible to prepare accurate returns without having to rush them through at the last minute. This strategy allows him more time to review every detail of his return before submitting it – reducing errors and increasing accuracy – which further reduces his risk of being audited by the IRS.
For other taxpayers who are not as wealthy or savvy as Mr. Trump, there are still ways that you can reduce your audit risk: make sure you file your taxes accurately and on time each year; take advantage of all available deductions and credits; keep detailed records throughout the year; double-check your return before submitting it; and if necessary, hire a qualified accountant or lawyer who specializes in taxation law. Taking these steps will help ensure that you don’t become another one of the millions of Americans who gets audited by the IRS each year!
Donald Trump may not have been in an IRS Audit himself but he was able to prevent one because he was prepared for it! While average Americans cannot prevent themselves from being audited by following Mr. Trump’s example exactly, they can certainly reduce their risk by taking proactive measures such as filing accurately, taking advantage of all available deductions and credits, keeping detailed records throughout the year, double-checking their return before submitting it and hiring a qualified accountant or lawyer who specializes in taxation law if necessary.
Doing these things will help minimize your audit risk so that you don’t end up becoming another statistic in this ever-changing landscape called taxation!
Until next time,
Carlos Samaniego, EA
Enrolled Agent
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