Author Topic: Tax time (Read 444 times)

storch · « **Reply #15 on:** March 26, 2006, 02:58:23 PM »

I hear you dred the thing is I dislike bean counters and usually do just fine with turbotax. my problem this year was laziness combined with a much higher than average amount of work, therefore income. frau storch wishes i'd hire an accountant though.

JTs · « **Reply #16 on:** March 26, 2006, 05:24:59 PM »

for some reason the feds think i should pay them about 22k this year.

FuBaR · « **Reply #17 on:** March 26, 2006, 05:27:15 PM »

being young friggin rocks.

Rolex · « **Reply #18 on:** March 26, 2006, 05:28:59 PM »

You might want to ask your tax preparer about Benford's Law. If he/she can't do it instantly, then you might want to get someone else.

The IRS has been using it for years to flag audit candidates. Automated returns make it easier.

Audits increased 21% last year over the year before. The overall odds of audit may be low, but if an itemized return does meet Beford's Law, your odds of scrutiny go up sharply.

storch · « **Reply #19 on:** March 26, 2006, 06:36:34 PM »

Quote

Originally posted by Rolex
You might want to ask your tax preparer about Benford's Law. If he/she can't do it instantly, then you might want to get someone else.

The IRS has been using it for years to flag audit candidates. Automated returns make it easier.

Audits increased 21% last year over the year before. The overall odds of audit may be low, but if an itemized return does meet Beford's Law, your odds of scrutiny go up sharply.

many years ago I was audited three years consecutively. I prepared my personal returns on turbotax. back when it was first introduced, no penalties were assessed and I had a good time annoying the IRS agent on his own turf. one year I got kicked upstairs to the top guy here for ignoring the vietnamese agent I was assigned in the first place. please, do tell about "benford's law" as I google it directly.

Ripsnort · « **Reply #20 on:** March 26, 2006, 07:07:37 PM »

5 Red Audit flags[/b]

storch · « **Reply #21 on:** March 26, 2006, 08:11:46 PM »

heh we're good for four out of five. we donate generously, we deduct aggressively, collectively we make six figures and we're both self employed. thanks for posting that rip.