…and the only place that will drive me is crazy!!!
audit n[ME, fr. L.auditus act of hearing, fr. Audire]: 1a a formal examination of an organization’s or individual’s accounts or financial situation b the “4-letter word” of any entrepreneur. See also pain-in-the-backside, royal-pain-in-the-backside, and nightmare.
If you tout the merits of ‘financial engineering’ or ‘creative accounting’, you probably hate audits; if you’re an unsuspecting, tax-paying citizen, you probably hate audits; heck, auditors probably hate audits! So what do you do if you receive that dreaded notice from the CRA? Gather months’ worth of food and water supplies? Head to the nearest storm shelter? Change your name, disconnect all utilities, and spend your life living off the virtues of land and sea? Come on, Folks! The end of the world is NOT upon us, you haven’t killed anyone (I hope…) and those water bottles likely have some new-fangled atom-sized GPS device, so They’d likely find you anyways.
How does one prepare for an audit? Arrange, Organize, and Plan; i.e. Prepare! You may not be able to prevent an audit, but you can be ready for one. Have your books in order, tell the truth, and file your taxes. “But I’ve already done that… now what?”
Great question! Sign up (it’s free, and only takes 1 minute!) and receive our FREE Insider’s Report: What YOU need to do to protect your tax credits!
~The Shoebox-Be-Gone Team