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How to survive an IRS audit

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  • Description

    Shopper's Market: Financial consultant shares his tips

  • Duration 1:42
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-- the words taxpayers dread the -- IRS audit one in every eight millionaires got hit with one in 2011.

And you can expect the tax and the come back with a vengeance this year especially for high income earners -- -- where the money isn't wealthy people have the money.

More important there are -- targeting small business owners.

Answer the questions be very specific develop says lack of documentation is the biggest mistake and prepping for an audit.

Replace any missing documents organize your records and don't make excuses.

If you do you end up owing money create a payment plan with the IRS.

You've negotiated a settlement isn't what you -- them.

If you negotiate a payment schedule that point you -- aboard a huge pile of penalties and interest going -- and get those taxes done on time.

Late filing penalties can be challenged because of certain illnesses -- the death of a spouse or partner but being too busy is not an excuse the IRS -- -- And it will weigh it against you heavily when trying to get penalties way.

In New York Brenda Buttner Fox News.

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