Flemington, PA -- (SBWIRE) -- 04/23/2013 -- This time of year has everyone thinking about income taxes, gathering documents and searching for deductions, trying to minimize their tax liability. However, thinking ahead a year or two can help people plan for an unpleasant possibility. Prestige Wealth Accounting Group helps clients plan ahead by offering tips for Income Tax Audit preparation. IRS audits are on the rise in the state of New Jersey, making the likelihood of a small business being audited increase. Small businesses can avoid any financial trouble by using tips now being offered by Prestige Wealth Management Group.
Being completely prepared is the best offense when being audited. This includes keeping records of any transactions a small business has completed. IRS auditors typically use the “show me” rule, meaning they want to see documentation on everything. When people start a small business, the last thing they want to do is be hassled with paperwork. But it is a necessary evil to document everything including checks written, deposits made, invoices sent to customers, bank statements, automobile use, bills from vendors, customer contracts, receipts and any other invoice or expense the small business is involved in. If the paperwork has been discarded or lost, the auditor will not accept any excuse, argument or explanation, and they will act accordingly.
The state of New Jersey will expect owners of small businesses to provide proof of every sale and every purchase, so it would be wise to not neglect sale and use tax exposure. A NJ Accountant from Prestige Wealth Accounting Group will assist small businesses by preparing them for an audit. The accountant will make sure every document is accounted for, making sure sales and/or tax was properly paid. Prestige Wealth Accounting Group will work directly with the auditor, discussing the case and argue specific points for the small business.
About Prestige Wealth Accounting Group
Prestige Wealth Accounting Group is a premier accounting firm that is committed to integrity, knowledge and offering first-class service to their clients. The company specializes in CPA services, and has experience providing high-net-worth individuals with concepts and strategies to help them reduce their taxes and simplify their financial life. The company is dedicated to taking an active role in assisting people with the constantly changing tax laws.
Visit www.prestigewag.com to view the redesigned website and to find out more information on what services the NJ accountant provides.