TAX man cometh !

[Bossroo]

Well tis' the season to get ready to gather all one's bills associated with one's farming operations in addition to one's W-2 , medical bills, etc. . That is if you want to receive some of your hard earned money in the form of a refund, instead of shelling out more $$$s. Be prepared with your documentation when you file , NOT only when you are called in for an AUDIT. My wife has been teaching CPA's and Tax Preparers refresher courses plus new rules and regulations for this coming tax season for the last 2 days and extending for the next month. Let's hope that they retain this knowledge when they prepare YOUR taxes.

 

[kinder]

I hear that. TAXES...

 

[Bossroo]

In yesterdays IRS audit ... a taxpayer had a W-2 job as well as a claimed side business. He was audited for not showing a sale much less a profit for his side business while heavily increasing inventory of non perishable goods for sale for his business. He stated that his tax preparer prepared his taxes for the previous 4 years and was pleased that he received a refund in those years. When questioned further, he stated that he just signed the tax returns without reading them because he just didn't understand any of the tax items. It seems that this tax payer never bought said inventory , much less owned the side business that was claimed on his tax returns. Guess who gets to repay the back tax refunds as well as penalties and interest. This tax preparer's other clients' tax returns will be audited too. If a pattern of false return claims is found, this person will be in quite hot water. So read every item on your tax returns, and understand them before signing the returns.

 

[Bossroo]

The W2s are starting to arrive in our mailboxes and we are starting to fill out out tax forms in hopes of receiving a tax refund. Here is a list of people in order, that make the most tax return mistakes prepared by tax preparers as well as self prepared and are subject to audits ... teachers, firemen, plumbers,artists, contractors, real estate sales, insurance salesmen / agency owners, self sufficient organic farmers, professional athletes, professionals with farms, sales reps, small farmers , etc. ...