THE I.R.S. HAS ADDED MORE AUDITORS. AVOID MAKING COMMON MISTAKES THAT CAN TRIGGER AN AUDIT.
( The following article is reprinted for entertainment only. You should consult with your tax preparer before filing your taxes or for tax advice.)
The April 2nd, 2011 Wall Street Journal warns against 8 Audit Triggers to Know About:
Mortgage Interest Deductions Over $50,000.
Large charitable contributions, especially of non-cash items.
Schedule C business losses of more than 2 years in a row.
Home-buyer tax credit.
Rental Real Estate, especially with losses.
Payouts to subchapter S owners who earn little or no compensation.
Large Deductions in relation to income,especially for business
travel or entertainment.
Home Office – maybe if high.
The final word is that you are best advised to always seek the counsel of
a trained tax professional so that you don’t miss important deductions or file
incorrectly. This summary is an excerpt from The Wall Street Journal and not meant
to be taken as tax advice.
For IRA product options call me directly: Randy Taylor 1 (916) 601-5270
FOR SPECIFIC TAX ADVICE:
In the Sacramento Valley I recommend:
George De La Mora at (916) 760-2480 Elk Grove