An IRS audit can monopolize your time, attention and emotions. But the process takes time—from gathering the documents to that actual office appearance. You still have a business to run, though. How do you keep yourself sane and productive in the meantime?
Hire Professional Help for the Audit Preparation
Instead of handling your audit alone, hire a tax resolution professional to walk you through the process. Then, delegate: hire a temporary bookkeeper or someone to help you find and organize documents, receipts, as you meet all your obligations.
Budget the Time, Then Delegate
Realize that resolving your tax issue is going to be time-consuming, but it has to be the first priority—because it will affect the rest of your financial health. Therefore, budget the time you’re need for the audit, and delegate the basic tasks at work (hire some temp staff if necessary) that you’d normally do yourself.
Clear Mental Chatter
The stress, worry and frustration of an audit can weigh on your mind and cloud your judgment, affect your sleep and create personal problems. In an interview with Fast Company, executive coach Scott Eblin reminds us that “(M)ental chatter … leads to bad decision-making, which impacts our health and wellbeing.” Try meditation or some form of mindfulness practice. Exercise. Get enough rest. With a clear head, your confidence, creative thinking and ability to balance all your duties improve.
Know Your Rights
Knowledge empowers you; it removes some of the mystery that surrounds an audit. Research the Taxpayer Bill of Rights, and check out the Audit Technique Guide to understand the audit process a bit better.
Request An Extension
You may ask for more time to gather tax records if you need it. An extension may relieve pressure and give you more time to handle a bit work project if necessary.
We know that running your business in the middle of an audit can be frustrating and stressful. We’re here to help you handle the audit process. Contact us at 720-398-6088 so you can focus on your business and stay sane.