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Tips for last Minute Tax Filers

There is a song that can be heard each December that contains the lyrics, "When Christmas Day is here, the most wonderful time of the year". Would it not be magnificent if the Internal Revenue Service (IRS) could come up with a catchy jingle to coincide with April 15? Well, the fact of the matter is that probably will never happen as taxpayers do not find tax filing deadline day as a day filled with joy and love. It is quite the opposite, with folks panicking to get paperwork filled out and get it mailed before the midnight deadline to file.

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Categories: Tax Preperation

Common Overlooked Tax Deductions

Here are some of the most common tax deductions that are being overlooked. Claiming dependent exemptions Not knowing is the biggest reason individuals fail to file a dependent on The majority of taxpayers don’t realize they may be able to claim someone as a qualified relative to claim a tax deduction. The safest route when listing dependents is to list everyone living in the home and the amount of their income, if they’re employed. Tax software or a professional tax preparer will run qualifying relationship tests to rule out those you cannot claim. By doing it this way, a taxpayer can be sure to get the dependent deductions he or she is entitled to claim.

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Categories: IRS

How to Avoid an IRS Audit

The IRS doesn’t have the time or the resources to audit everyone. In fact, only a small percentage of of tax returns are audited each year. Since there are always some returns that are randomly chosen, there is no guaranteed way to avoid an audit. But there are ways to avoid red flags that will cause your return to be questioned and chosen for a closer examination. Some tips that can reduce your chances of being reviewed: Inaccurate W-2 or 1099 reporting The IRS receives a copy of every W-2 and 1099. They have a record of the amount of everyone’s total income before ever receiving the tax return.

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Categories: IRS