This may be the most important rule to follow when filing your 2023 tax return.

Tax season is now underway. If you’re just starting to gather paperwork or are almost ready to file your taxes, there may be a nagging fear in the back of your mind that your return will end up on the IRS’ audit list.

In reality, tax audits are not always such an ordeal. In most cases, when the IRS audits you, all you really have to do is submit documentation to support your claim. The idea of ​​IRS agents coming into your home, ransacking your office, and confiscating your bank statements before you can shred them is something you see in the movies, but it’s highly unlikely to happen in real life.

Nonetheless, you may want to complete the tax filing process without any issues. And following one simple action will make it possible.

Do your taxes honestly and accurately

Mark Steber, Chief Tax Information Officer at Jackson Hewitt Tax Services, has been involved in the tax practice for many years. And he says you need to be honest and accurate when filing your taxes to avoid problems.

“I see a lot of people assuming that if they’re ‘close enough,’ there won’t be a problem,” says Steber. “But this couldn’t be further from the truth. Accuracy is important, especially when reporting your income.”

There are two areas where you can fulfill your potential. corrupt and inaccurate When filing your tax return:

• your income
• your deductible

When it comes to income, whether it’s bank interest or freelance wages, those details are usually documented in a 1099 form. When you receive a 1099 form, so does the IRS. So if you’re thinking about hiding the $800 you earned from a freelance project you did last June, think again. There’s a good chance the IRS will know you earned that money, so it’s a good idea to report your income accordingly.

Likewise, it’s okay to claim accurate and legal deductions on your tax return. If you’re a freelance web designer and just bought a new laptop for work, claim it now. But don’t guess that deductible and don’t charge $1,200 when the laptop costs $1,192. Instead, find your receipt and report the correct number.

Also, do not say that an expense is business-related when it is not. If you’re traveling to visit friends across the country, don’t charge airfare and hotel rooms as business expenses. If the IRS asks for your travel documents, you could be in big trouble.

A great way to avoid hassle

Being thanked is not the end of the world. But what if you could avoid it?

One of the easiest ways to avoid problems with the IRS is to file a truthful and accurate return. If you’re still not sure, remember this: do If you lie outright or guess the inference, you are more likely to get caught. And this can undoubtedly result in costly penalties that you would like to avoid.

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