Why save records?

Why save records?

Now what follows pertains to tax returns but in my opinion should be used towards all records that are of importance. Once you file your tax return is there any reason to save the records? Most will answer this incorrectly. You do need to save them. How long is...
Red Flags to help you get Audited

Red Flags to help you get Audited

The IRS states in Publication 556 that it uses a computer program called the Discriminant Inventory Function System (DIF) IRS assigns a numeric value to each tax return known as a DIF score. Returns with a DIF score higher than a pre-specified number are flagged and...
Get the most from Itemizing

Get the most from Itemizing

Itemizing is an incredibly easy theory to understand, yet the strategies behind it all can be intricate and countless. The rule for when to itemize is simple You’ll do it if the total of your itemized deductions is greater than your standard deduction. First of...