lead credits and the IRS

[nfl72]

My CPA did fine for me. I came out smelling like a rose. I only owed $1200 after it was all done. Most of it was from a 1099 from RNA for that I neglected to include.

I got audited 2 or 3 times while in the mortgage business. They are not fun as they take time to prepare for. FTR I have never been one to leave money on the table!

 

[bboman23]

Maybe it's because you buy $100,000 speakers for your living room?

 

[nfl72]

I am not sure but when I wrote them off as a business expense it might have raised a red flag?

 

[bboman23]

Very possibly

 

[djs]

Did you write the leads off as an expense but not the credit as an income? If you expensed the credits, then you have to have the offsetting income shown as well. This would then just be a wash.

Most audit notices tell you what they want proof of. A general audit isn't that common anymore. The computers do those and you never even know it unless something gets flagged, then they ask for proof of that item or concern. As far as I know, with the exception of some just truly random ones (rare), you only get a general audit if the return overall doesn't make sense. If your CPA did it, that wouldn't make sense.

 

[PA Bill]

I got audited last year for the first time, by the the broke ass state of Pennsylvania! I admittedly got greedy on my mileage.

 

[dabulls]

I got audited last year for the first time, by the the broke ass state of Pennsylvania! I admittedly got greedy on my mileage.

How do you prove you drove that many miles on a audit?

 

[PA Bill]

How do you prove you drove that many miles on a audit?

You gotta keep a log. I tried the Mile IQ app but that was a waste of money as it failed to capture many trips.

 

[goillini52]

You gotta keep a log. I tried the Mile IQ app but that was a waste of money as it failed to capture many trips.

How about a pen and a spiral notebook?

 

[rousemark]

How about a pen and a spiral notebook?

Now, quit trying to show off by telling us you can use all that high- tech stuff..