Padding Your Tax Deductions Could Lead to Audits & Fraud Charges

Importance of Tax Deductions Deductions are a critical part of the United States tax code because they allow people to reduce the amount of tax they have to pay because of other payments they have already made or donations to charitable causes.  People can write off business-related expenses both incurred as part of a job…

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The Odds Of An IRS Tax Audit

Your Chances of Being Audited Are Low Does the fear of a tax audit sometimes haunt your dreams or keep you up at night? If so, you’re not alone. Nobody really wants to deal with an audit, especially since even a simple mistake can expose you to fines, interest and other penalties. Well, this may…

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Learn about the Difference Between Tax Avoidance and Evasion

IRS Building in Washington

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…

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What can trigger an IRS audit?

income tax audit stamped on IRS form 1040

Though the tax filing deadline has passed, there are many people in Missouri who may be concerned about the potential for additional questions from the IRS. Despite the stress that the audit process can create, the chances of being the subject of one is actually pretty slim, with an individual audit rate of less than 1% in 2017. However, there are…

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Responding to IRS tax audits in Missouri

Stamp IRS audit and accounting documents.

At this time of year, many people in Missouri and across the country are thinking of their taxes. While many people have already filed, they may still be waiting to receive their return. Others may be anxious about the possibility of further questions from the IRS in the form of audits. In reality, audits happen relatively rarely. Approximately 1 out…

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Taking steps to avoid an audit in Missouri

xamining papers through magnifying glass in office

After the holidays have passed and the new year commences, many people in Missouri, especially small business owners, turn their attention to the next big task ahead of them — filing taxes. Though the chances of a small business owner being audited are relatively rare, some statistics indicate that small business owners may have a higher chance of being the…

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Coping with tax audits in Missouri

Tax professionals conducting an audit

For many in Missouri and across the country, filing taxes is a time-consuming task that is filled with complications. Often, there is a concern that a simple mistake will lead to an audit and, potentially, criminal charges. For many, the risk of audits is daunting, and many people who must undergo them are unfamiliar with the process. An audit is…

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What are the penalties of a tax audit?

IRS audit documents with clipboard on a desk.

There’s only one thing that everyone loves more than paying taxes—being audited. All right, maybe not. Still, because the IRS frequently uses randomization to determine which returns to audit, every taxpayer faces the possibility of an audit each year. Being audited is not necessarily a bad thing. Many people believe that they could face jail time or other criminal penalties…

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Earned income tax credit the focus of many audits

woman inspecting paperwork with magnifying glass

There are a range of things that could lead the Internal Revenue Service to decide to audit a given tax return. Among these are concerns related to credits claimed in the return. One type of tax credit that is involved in quite a few audits here in the U.S. is the earned income tax credit. This can be seen in…

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Big decisions can come up for taxpayers after filing

1040 income tax form and w-2 wage statement with a federal Treasury refund check.

With the tax deadline coming up, many people have already finished their taxes or are just about to do so. A person can feel an awful lot of relief after finishing filing their taxes; it can feel good to be done with the process for yet another year. In the midst of such relief though, it can be important to…

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