Personal Finance Roundup
5 Ways to Avoid an Audit [Smart Money] "Here are five common red flags that the IRS will be on the lookout for this tax season."
The 9 wackiest tax deductions [MSN Money] "Check out this year's salute to taxpayer creativity — and see which of the wildly imaginative attempts were OK'd by the IRS."
Where To Get Free Stuff Online: 9 Sites For Freebies, Product Samples, Coupons [The Digerati Life] "Here are some of my favorite online resources for [freebies]."
Saving Matters More Than Ever [Wall Street Journal] "Becoming a better saver is more than just cutting out the morning latte. It's changing your entire relationship to money."
6 Tips for Finding an Affordable Place to Retire [US News] "Consider these factors when selecting a low-cost place to retire."
— FREE MONEY FINANCE (Photo: Great Beyond)
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Comments:
"We were reviewing a business client's accounting entries and noted a check for over $2,000 written to a gynecologist. It was classified on the business books as 'repairs and maintenance.'"
Bwahahaha!
Out of curiosity - a friend of mine hasn't filed his taxes in like... 3 years. He knows its bad but he just hasn't (mostly because his employer is a dick and 1099's him instead of actually taking taxes out to begin with)...
But he recently got a letter from the IRS asking for his 2007 tax return. Is that an audit, or just a friendly reminder?
No, it's worse. If he owes, it'a notice of deficiency, which should be accompanied by a statement of his penalties and interest owed. Not filing is worse than filing and not paying. Assuming he owes any money, he's screwed.
@pecan 3.14159265: Volition.com was one of the first websites I ever went to. We didn't even have a computer at the time, my husband's parents did. It's been around a long time.
@DollaValueLIFO: As far as I know, it just says "Request for your tax return"
It says nothing about owing money at all, just "hey, where's your tax return?"
Of course the IRS is being more vigilant auditing the small business owner and the middle class. They freely give bailout money to the large corporations, so *someone* has to pay for it. It's easier to roll, bully, or strongarm the little guy, and that's what they're going to do.
Not exactly. Major companies *are* under audit annually, per SEC filing regulations. And with the passage of SOX in 2002, these audits are much more reliable than you would imagine.
Small companies are more likely to flub up their taxes (be it intentional or not). My firm handles small business owner's and their taxes, and only one out of the 1,000 returns we handle a year ever comes up for an audit, at which point we treck up the road to the local IRS office, drop off the paperwork, and wish them a good day. Audits aren't a big deal, unless you've done something stupid/wrong.
In the "Where to get free stuff" link, Volition.com seems kind of like the scam they tell people to avoid.