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Hidden truths: 10 things the IRS won’t tell you

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in Small Business Tax,Small Business Tax Deduction Strategies

SmartMoney.com recently posted an article about “hidden” tax truths. Here’s a condensed and updated version:

1. “Like it or not, you may need help with your taxes.”

As recently as 2000, less than half of all taxpayers were using a preparer. Today 80% use software or a tax pro “because they’re scared of making a mistake,” says Nina Olson, the National Taxpayer Advocate. The cost of a tax pro can range from a few hundred dollars for a simple return to thousands for other matters. You’ll usually get what you pay for.

2. “You don’t have to be rich to get audited.”

The audit rate has more than doubled since 2000 to surpass 1% of all returns. One way to set the IRS off is to claim deductions much higher than are typical for your income level. Unfortunately, the IRS keeps this information under wraps. But it’s clear that charitable deductions are being scrutinized more closely. So keep receipts for all donations.

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