MONEY matters

Mark Zaifman's thoughts on money, global economic trends and politics

Tax Return Mistakes and Little White Lie(s)

Mark Zaifman   |    Fri, Mar 01, 2013 @ 01:23 PM

don't make these tax mistakes

Mistakes, lies, omissions, inflating the truth - these can all amount to the same end. Major problems with the IRS and a possible audit.

The most honest people, those who would never consider lying, often do just that when they make mistakes on preparing their taxes - even when they use a too-aggressive tax preparer or CPA. There are tax items that are fairly black and white, and then there are those gray area tax deductions. Common areas where you see these white lies bubble up on tax returns are business expenses, real estate, donations and home office deductions.

LearnVest writer Laura Shin wrote an article based on the experiences of CPA Gary Craig from Orange County, CA. Shin's excellent article reveals what Craig sees most often in his practice, common tax mistakes folks make again and again.  From those little white lies, to honest omissions, to finding the right tax preparer, his article is well worth your time to read thoroughly. He plainly reveals the top 10 tax mistakes he sees in his practice, so grab a seat, take good notes and ensure your tax return filing goes smoothly.

Granted, the tax code is confusing and many mistakes that are made are completely innocent, but rather than find yourself in a position of entertaining the IRS in your home for the afternoon – why not get ahead of the problem and find out where you need to pay special attention so you don’t find yourself caught in a little white lie.

If Craig's article wasn't enough for you, you may want to check out Kiplingers, Audit Red Flags: The Dirty Dozen and for overall info on taxes, Kiplingers 'Taxes' section has a slew of good articles.


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