Tax Season…Are you ready?

by j V, posted on 2009-03-24 23:48:57

By JV

 

Tax season is here once again: the one annual event that people either love or dread (depending if you’re in the green or the red). As April 15 approaches, and the deadline is coming faster than expected, there is a lot of pressure for the taxpayers to get their forms out to the IRS. One of the biggest fears during the season is of being audited. Don’t make the rookie mistake of lying on your tax returns. Seeking professional assistance is always not attainable, so do a little research prior to filling out the forms.

First, be truthful regarding your deductions. Don’t throw numbers out there to make your forms look nice. Many taxpayers get deductions that don’t even qualify as a certified deduction.  Some examples of a non-qualified deduction or an IRS audit trigger include:

• Interest paid on credit cards, loans and mortgages

• Home Office (unless the entire home is solely used towards the business)

• Advertisement on a vehicle

• Outrageous deduction vs. level of Income

Even though about one percent of tax payers actually do get audited, don’t let that number fool you. The government is out there and is keeping a watchful eye out on the submitted returns. So take your preparations seriously and get help or research if you are unsure. Buena Suerte!

 

 

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