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8:19 AM, Jan. 15, 2008
Top 10 Ways to Avoid Trouble with the IRS
(view similar articles on Personal Finance and Taxes)
Top 10 Ways to Avoid Trouble with the IRS
Since it's nearly the start of the tax season, I thought I'd share some tax tips:
1. Keep good records
2. Only take deductions if you can prove it with a paper receipt (especially charitable deductions)
3. If you start a small business, get a professional tax preparer to help you do your return.
4. Include all income (interest, dividends, gambling winnings, stock sales etc)
5. Check all Social Security Number on your return (number one mistake according to the IRS!)
6. Don't go to an audit meeting by yourself. Hire a CPA or Enrolled agent. Let them visit the IRS.
7. File your return on time
8. Pay your taxes on time
9. Don't ignore letters from the IRS. Open the mail!
10. Ignore those people that say you don’t have to pay taxes. You do!
Here's a bonus tip: Do not put your children's earnings on your tax return. They need to file their own return.
Just lookin' out for you!
Carol
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