Tax Filing Red Flags
Автор: Taxpro Serge
Загружено: 2024-09-28
Просмотров: 928
Описание:
Just because you file your own taxes using easy-to-use software doesn’t mean you are applying the right tax laws. Many self-prepared tax returns include red flags that the IRS can easily spot, which could lead to an audit. This is known as an IRS examination of your taxes, where they review every single item, looking for underreported income and overstated expenses. They may also scrutinize items that seem questionable, especially those you’ve seen on social media.
For example, claiming expenses related to a business that doesn’t exist or creating an LLC to write off everyday expenses can raise suspicion. If you have questions that you can’t answer, remember that even self-filing software often has professionals available for assistance, though you may need to pay an extra fee. It might be worth it to consult with a professional to minimize the tax interest and penalties that could arise from an IRS audit due to these red flags on your tax return.
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