filing your taxes

Tax Season

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Tax day has come and gone and this year’s its being followed with a little relief.

Budget cuts and new responsibilities have the IRS busting at the seams and that’s good news for tax payers. Because the agency is stretched so thin it has fewer agents available to audit people. The IRS commissioner says they will keep going after the worst of the bad guys. But he says there are some people that they should catch that they probably won’t be able to.

So how do you know if you’re in the clear? If you report making $40,000 in wages and your employer reports 50; the IRS will catch that. But if you operate a business that deals in cash your chances of getting caught are the lowest they’ve been in years.  read more »

Tax Season

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The holiday season is over and a whole new season is approaching.

It might be a new year but it's not quite time to forget the old one; at least when it comes to how much money you made. And as you prepare to haul out your receipts and file your tax return experts say there are some big mistakes that could cost you.

For example avoid using a pen and paper. Tax officers say it would be foolish not to efile. Not only is it faster but you avoid the possibility of making simple mistakes. And if you do bring in some outside help check their credentials. There are 800,000 people in the country who prepare tax returns and most of them are unregulated. That's because there's no licensing requirement for someone to call themselves a tax preparer.  read more »