I am not an expert on taxes. But, I have survived an audit and owed the IRS nothing. Many people dread tax time and I do not blame them. Sign me up for that club! The thought of going through our receipts makes me want to go hide under the covers. However, it is a [...]
File Your Taxes for FREE
It’s tax time. I can just feel my eyes rolling back in my head at the thought of it. But, if you have to file… and YOU DO… why pay for it? H&R Block will let you file your federal return for FREE. Go for it!
Tax Time: Your Refund
I am a firm believer in not counting your eggs before they hatch. I never count on income until it is resting safely in the bank. However, I do think that to be a good steward with your income tax refund, you should plan ahead to avoid looking back and wondering where it went. Been [...]
Tax Time: If You Are Audited
Let me say that if I can survive an audit, anyone can. Here are some tips to follow if your get that “certain letter” from the IRS: Contact your CPA or Audit Support and ask for their help. Respond to the notice. Do not ignore it. Act immediately. Focus on what is being audited. Chances [...]
Tax Time: Online, CPA, or Software
When Bill and I first married, we had a CPA. The first guy, I think he just did the bare minimum and it hurt us because we had to PAY a small fortune. We went with another guy for a couple of years but his fee jumped by 40% each year. If I could do [...]
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Tax Time: Travel and Such
A big hiccup in our audit came when we had to look over our travel expenses. I am still a little confused over the difference between travel and entertainment. But, here are the things I KNOW beyond a doubt: You must keep a mileage log if you will be claiming mileage for medical or business. [...]
Tax Time: Deposit Detail
The number one thing I learned from our IRS audit was that I need to keep better records of our deposits. Anything that goes into your bank account(s) needs to have a paper trail. Yard Sales ~ If you deposit this money, make sure you make a note that it was yard sale income. If [...]
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Tax Time: Our IRS Story
From the first time you file with the IRS, or Infernal Revenue Service as PennyDad affectionately refers to them, you dread the letter that greets you with the news of an audit. While there are many things that can trigger an audit, let me tell you what caused mine. In 2007, Bill and I had [...]
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Verse of the Day ~ Made Me Laugh!
Minding my own business at BibleGateway.com and read the verse of the day: “This is also why you pay taxes, for the authorities are God’s servants, who give their full time to governing. Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, [...]
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An IRS Audit: #1 Focus
In my ignorance, I thought the main focus of our audit would be making sure we had receipts for everything we claimed and I was so proud when everything matched up. I thought the auditor would walk in, sit down, see my numbers and say goodbye. HA! After seven hours, she did not even [...]
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