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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 03-31-2011, 07:08 PM
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SilverSabre25 SilverSabre25 is offline
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Default So I Filed...How Long Until I Know If They Want To Audit?

I'm just paranoid. If they go ahead and accept the return and we get our refund, does that mean we won't be audited?
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Old 03-31-2011, 07:09 PM
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I would not be so worried. I have several businesses and have never been audited. (knock on wood)
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Old 03-31-2011, 07:15 PM
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Quote:
Originally Posted by Michael View Post
I would not be so worried. I have several businesses and have never been audited. (knock on wood)
Yeah, I'm trying not to worry...I'm just paranoid! I blame it on the pregnancy hormones.
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Old 03-31-2011, 09:29 PM
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From what I understand they can audit you at any time. I got an audit from 2008 at the end of 2010. I had to pay only $800 so it was not too bad.
I got the audit because my husbAnds company went under and they never sent W2. I filed without it and eventually caught up with me.

That was my first audit in 30 years.
Don't stress ear some chocolate. Lol
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Old 04-01-2011, 08:23 AM
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Default Audit?

The IRS can audit you back three years with these exceptions: didn't file a tax return, committed fraud, under reported your income by more than 25%. In those cases they can go back further.

Just because you get a refund doesn't mean you can't be audited. In general, audits for 2010 will probably start next year.
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Old 04-01-2011, 09:19 AM
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Gotcha; thanks. I didn't know how it worked. Now I do!
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Old 04-01-2011, 09:43 AM
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You just started entering your expenses, how did you finish so quick? Did you go through your house inventory like we spoke about? I started this in Jan and I am still at!! I have not left one stone unturned!
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