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3 Reasons Why Audit Protection is Worth It
Tax audits are likely one of the most stressful and arduous processes that an individual can endure. From the moment an audit inquiry arrives in the mail, to the reports that cover the most minute details - tax audits are a hassle. Worse, audits can cost the unprepared taxpayer countless hours and result in a hefty fee. With audit protection, however, any individual will have a knowledgeable, and capable tax-expert prepared to come to their aid. The experts then manage the audit-process including communication with the IRS, clear guidance, and support to ease the stress through and through.
While audits aren’t guaranteed; audit protection offers a similar philosophy to the main principle behind the insurance industry. You hope you don’t need it, but you’re glad you have it when you do. Meaning that it’s almost impossible to foresee an audit taking place. However, in the event that an audit does occur, audit protection is an absolute life saver, and more than a worthy investment.
3 Reasons Audit Protection is a No Brainer
1. Peace of Mind: No price tag can be put on peace of mind. Being confident with tax reporting, and knowing that help will arrive if any mishaps occur is an intangible value. This is the value audit-protection offers those who opt for it. This sense of security compounds on itself as time passes - because audit protection covers the life-time of an audit-window. Upon the purchase of audit-protection, a customer is protected for as long as that reporting is able to be audited by law. A sort of statute of limitations. In the case of the federal IRS, that’s normally 3 years or so.
2. Expert Help: Expert opinions are so valuable that they can be relied on in a court of law. Having a tax-expert ready to defend against an audit, if one occurs, is a simple preventative tactic. A tactic that makes audit-protection easy and smart. Expert tax professionals will digest and process IRS requests and inquiries,and translate the convoluted jargon into understandable language. This allows for proper cooperation and compliance.
Having an expert lead the way to ensure the proper steps are followed, and requests are met appropriately is an immense value. A value capable of saving hours-to-days of time just deciphering the original requests. Experts will also assist with continual communication between the individual and the tax entity. Just to ensure comprehensive understanding and compliance through the entire process start to finish.
3. Low Cost - High Value: One of the most attractive features of audit-protection is the low rate at which it’s offered. Tax professionals understand that audit protection may be purchased, and never utilized. Due to this, audit protection plans are fairly affordable, making them a great purchase. Anyone interested in an added level of security between themselves and auditing agencies should seriously consider an audit protection plan.
Whether an independent contractor, a regular full-time employee, or an entrepreneur and business-owner, audit protection is an affordable and valuable service. One that offers assistance with tax-agency communications, audit and other tax-agency requests, and lasts for the duration of the audit-window. Just like insurance, audit-protection isn’t always necessary. Even still, in the event that it is - it’s a life-saver and can easily add hours and even days back onto your schedule. Days otherwise lost to navigating the impossible labyrinth of tax-audits.
While audits are never guaranteed, they’re almost never foreseen either. Having tax audit protection to defend against a possible audit is responsible, affordable, and offers a true peace of mind. Interested in audit protection? Get to know the tax professionals on Refundo’s Tax Audit Protection team.
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