While a lot of people use a CPA to prepare their tax returns, many people prepare their tax returns themselves. With the new tax codes enacted in 2018, it looks to be even easier for families to quickly file their taxes. However, taxes can be complicated and a simple mistake or slight exaggeration may warrant an audit from the Internal Revenue Service. This article looks at some common mistakes and exaggerations that could lead to a person or family to be audited. The IRS has up to 3 years to go back and audit a tax return and penalties could lead to amounts as high as 20% of the disallowed amount for filing an erroneous claim for a refund or credit. Make sure your returns are on the up and up and if you have questions, please consult a tax specialist for help. You will find that many cities have programs that help people file returns for little or no fee. Check your local library for such programs. 01.29.19
Once the clock strikes midnight on New Year’s Eve, millions will make a resolution. While some may focus on fitness or trying new hobbies, many Americans are turning to their bank accounts.
Results from a study by the National Endowment for Financial Education, 8 of 10 Americans will set a financial New Year’s resolution for 2019, a 10 percent increase from last year’s survey. 01.03.19