Sunday, April 04, 2010
» Tax Audit Red Flags
Bargaineering: "Last month I had the pleasure of talking to Rich Preece, Director of Product Management for TurboTax, about the improvements they’ve made to this year’s version of the tax preparation software. One area that they’ve improved is in their Audit Risk Results section, which identifies parts of your return that might trigger an audit." via Lifehacker
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4 comments:
Given the phrase "the only things certain in life are death and taxes" I am always surprised by rare it is to find any information on taxes, or more correctly, how to go about doing them. I'm sure some reading this comment are now scoffing silently to themselves, but given that the IRS is presented as this empire complete with house crushing tanks and super soldiers, any time I get a chance to learn a little bit more about taxes it's always good information to know, especially given the slightly more money tapped world we all seem to inhabit these days.
This article seems very helpful. Filing taxes is a relatively new experience for me, and has always seemed somewhat mysterious in how it actually works. While this article does not actually tell us the step by step process of taxes, it gives us a list of what could trigger being audited, which is never an enjoyable experience. I have never heard a good story about a person's experience being audited, and I appreciate this article's help in the matter.
Taxes, and the possibility of begin audited, are very scary things to most people. I filed my own taxes this year, and fortunately had parents who are very good at them, to look over them. Without their knowledgeable eyes, i would likely have missed some key details. This is a skill that we all must learn, especially when working for ourselves, as it complicates them much more. I am not sure if taxes are part of CMU's curriculum, but they should be and I look forwards to attempting to understand them.
I agree with Charlie, and everyone else in that this is good information to know! I've heard mixed things about TurboTax. I'm not sure what my parents use, but I know some people my age who use it and say it works perfectly, and others say it has it's drawbacks. Besides, the H&R Block commercials sort of freak me out, (I know, trusting advertisers may not be the wisest choice...) The only time I've had to file my own taxes was in AP US GOVT., and I got a "nice try" written across my W-2 form. Needless to say, I'm pretty terrified...not just for taxes, but of handling numbers and budgeting for SOD purposes in general, so thanks for posting this article. I'll stick it on my wall for next year. It almost makes me a little happy that my job this summer doesn't pay...
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