1040 triage: 15 ways to slash personal taxes

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in Leaders & Managers,Management Training,Small Business Tax,Small Business Tax Deduction Strategies

For many U.S. taxpayers, "March Mad-ness" has nothing to do with college basketball. It's all about dashing around gathering receipts, filling out forms, meeting with your tax guru and hoping you'll emerge victorious in the 1040 game.

Our advice: Stop hoping and start strategizing. Last year's blockbuster tax law will bring you some tax relief. But don't stop there. By making a few smart moves in the coming weeks, you can slash your tax bill further or expand your refund.

Also, actions you take now can reduce your risk of an IRS audit, or help you survive an audit if you're chosen.

IRS audit rates are slowly rising again after bottoming out in 2000. In fiscal year 2002, the IRS audited only 0.57 percent
of individual returns—about 1 in 175 returns. That's more than the 0.49 percent rate for 2000 but still only about a third of the 1.67 percent rates during 1995 and 1996. (See audit breakdown in box above.) ...(register to read more)

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