With ever-improving improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger the IRS audit. Contact typically starts with a letter requesting more information and can lead to in-person meetings. It is usually triggered by a tax return that contains something unusual, such as an above-average deduction or […]
Month: March 2012
Tax Deduction Myths!
The tax laws listed out in full glory on the taxpedias might at most times seem too overwhelming for us to understand and interpret. So, there is bound to be a lot of confusion on what tax deduction to claim on your income tax return. A few commonly misinterpreted/misrepresented deductions are listed below for your […]
How would you qualify for home office deduction?
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The IRS has the following six requirements to help you determine if you qualify for the home office deduction. 1. Generally, in order to claim a business deduction for your home, you […]