Posts Tagged ‘Self-Employment Taxes’

Tax records: Save them or Shred them?

Friday, April 22nd, 2011

Tax day is over. Now it’s time to find the top of your desk.

If you’re like most people, your home office is littered with 1099s, W-2s, letters from charities and other detritus used to prepare a tax return. Most of us are terrified to dispose of these documents, and for good reason: In an IRS audit, “The dog ate my credit card receipt” is not an excuse. It’s not necessary to hang on to everything. In fact, keeping too many documents could make it difficult to find what you really need. Here’s a look at what you should save and what you can shred:

Read More » [USA Today]

IRS Audit Red Flags: The Dirty Dozen

Friday, January 7th, 2011

Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS.

Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons to this age-old question. The IRS audits only about 1% of all individual tax returns annually. The agency doesn’t have enough personnel and resources to examine each and every tax return filed during a year.

Read full article » [Kiplinger]