Saturday, February 11, 2012

12 Audit Red Flags

CBS Moneywatch has a list of 12 items that are either widely abused are likely to result in errors. The 12 "red flag" items listed are:
  • Not reporting income.

  • A large change in income.

  • Being self-employed.

  • Taking higher-than-average deductions.

  • Large charitable contrtibutions.

  • Small business losses.

  • Claiming rental losses.

  • A home office deducttion.

  • Large business mealand entertainment deductions.

  • 100% business use of a vehicle.

  • Large casualty losses.

  • Math errors.
You can read the description and additional information for each item here.





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