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Thread: Problem. Any advice as to a solution?

  1. #1
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    Default Problem. Any advice as to a solution?

    So, I just realized I might very well have lost all of my spreadsheets for my 2013 and 2014 earnings. I have an expense spreadsheet for 2014 but it turns out it looks as though the expense sheet is lost for 2013 too. I had it on a usb completed, right when I filed taxes last year but just remember I think the usb broke or was misplaced. So what would happen if I get audited? Would I have to hire an attorney or lawyer to do some sort of an approximation for expenses or draft up another expense sheet myself going back on my bank records? As far as earnings, the vast majority goes straight into the bank and I have no way of or interest in hiding it, so I really don't see how what I declare can be reasonably be questioned. So not worried about that part. With you guys, that don't keep records, what do you do when you need them?

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    Default Re: Problem. Any advice as to a solution?

    This happens all the time. If you are audited and don't have all/any of your records you are allowed (Cohan v. Commissioner) to recreate your information from memory. Obviously it's better to have the USB and spreadsheets. But if you don't have them then you would look at your bank records and use your memory and tax statements to recreate as much as you can. You often negotiate with the auditor (i.e. pay a small fine to make the auditor look like he found something) and move on.

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    Veteran Member Dominic.2's Avatar
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    Default Re: Problem. Any advice as to a solution?

    Agree with NR. If you get audited (and I did once), just ask IRS on the phone: what's the minimum amount of supporting documentation that you need from me? They will often be satisfied with (a lot) less than you think.

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    Default Re: Problem. Any advice as to a solution?

    I suggest using Google Drive for keeping records, or something else online, so you don't have to worry about losing it or having it crash.

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    Default Re: Problem. Any advice as to a solution?

    Also, find a registered tax agent. He/She will be able to tell you exactly what you need.

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