Avoid a tax audit by double checking your math!

“Counting” on a tax refund?

"Worried about an IRS audit? Avoid what's called a red flag. That's something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That's a red flag." -- Jay Leno

The IRS released their 2010 Data Book in March 2011. The Data Book is loaded with facts about tax returns and tax refunds. One item that stuck out was the number of errors on tax returns last year. Out of approximately 236,000,000 tax returns there were 10,500,000 errors. About 1 million of those errors were math errors. Doing your own taxes? Be sure to double check your math! Source: www.irs.gov/pub/irs-soi/10databk.pdf

 

 
The Quarter Roll is published to provide personal insights and opinions on everyday ways of saving and managing money, budgeting, and reducing debt. The Quarter Roll does not give professional accounting, legal, or investing counsel. The ideas, examples, and advice presented on this site are solely the opinion of the authors based on his or her personal experiences. All photos courtesy of The Quarter Roll, iStockphoto, or Dreamstime. ©  All rights reserved. This site is best viewed when using Adobe Flash Player. the quarter roll magazine financial entertainment