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Just been made redundant and will be signing on... Wondering what, and if, I'll get anything...
Anyone know?
Regards,
... |
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Additional Details
This is for part time work on the side. I have a regular part time job, so my earnings will probably be less than $10,000 a year.... |
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densheng | I am getting audited for taxes and I do not have receipts. What can happen to me? |
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HoneySuite
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A lot depends on what type of deductions are being audited and if you have other methods of proving your expenditures (i.e., bank statements, etc.). The worst that can happen is that they disallow the suspect deductions and you'll have to reimburse any excess refund plus interest. If it seems you have attempted fraud, not only will the deductions be denied, but you may be brought up on criminal charges or at least fined interest and penalties.
The most difficult deductions to get approved are those for a home office. If those are the deductions in question, then make sure that your "home office" area is well-defined and reasonably private; that nothing personal is in the area or on or in anything within the area (i.e., games on the computer, or personal papers in a file cabinet); and that nothing in the area is used for any reason other than business (i.e., you don't sit at your desk to watch TV, and your kids' toys aren't strewn around the floor.
Good luck! |
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plowboy
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Hopefully you've paid your bills by check, Your bank should have your account on a fish for their records, depending on how far back you need to go, hopefully in the memo on the check you put what it was for. That's why alot of company's ask for your account # on the check for better records for them and you as well. I lost my tax papers years ago and here's what happened to me, "REPAID TAXES AGAIN PLUS LATE PENALTIES AND INTEREST" |
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Judy1
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If you have some other proof, or strong indication, that the deductions are legit, then they might accept them. Unless they have reason to believe that fraud is involved, the worst thing that probably would happen is that they'd disallow deductions that you can't prove, and you'd have to pay the additional tax, plus interest and possible penalties.
Good luck. |
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shotgun
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Did the Audit letter say anything about what kind of audit? Specifically did it mention an administrative audit or criminal audit? |
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bostonianinmo
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That depends. If the law specifically requires a receipt for the expense or deduction it will probably be disallowed.
Many items actually do not specifically require receipts if you keep an accurate ledger of expenses at the time the expense is incurred and if the claimed amounts are under a certain dollar amount. A prime example of this is employee business expenses of $25.00 or less, other than lodging.
Even then, if you can prove that the activity took place -- such as airline ticket receipts for a business trip -- it is usually possible to reconstruct reasonable expenses and still get the deductions. There is case law on this and although I don't have a name of the case pretty much any CPA could spit it out.
The worst that's likely to happen is that some expenditures will be disallowed and your taxes will be recalculated. Prosecution due to poor record keeping simply doesn't happen; ignore the blowhards who say otherwise. The only time you have to worry about that is in cases of outright fraud or tax evasion. |
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yomama23
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I know I'm bad at keeping receipts too but you have to figure some way out to prove it ! Do you have any one who may have copies of the receipts you need, perhaps the people you paid or something have records of things on their end? You need to keep better records from now on. |
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Eyerish
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nothing if you have a ledger. |
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kokomojoe10
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YOUR GOING TO jail THE IRS PULLS NO PUNCHES,SO BYE |
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archtyriel
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What can happen? you can be brought up on charges of bank fraud with a fine and/or a stay in prison for a few years. |
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