Tax Mistakes Could Lead To IRS Audit :: Wamhoff Financial & Accounting

Tax Mistakes Could Lead To IRS Audit

There are some common mistakes that raise red flags for the IRS, and could lead to an audit. CNBC recently reported on five of them which include home office deductions, frequent business use of vehicle, and not reporting all income that the IRS has records of. Sandy Furuya, Senior Accounting Manager at Wamhoff Financial Planning and Accounting, has seen these, and has added a sixth to the mix: charitable non-cash contributions, which involve donations of items to charity for which you provide rather large values on your tax returns. While legitimate deductions should be taken, taxpayers must retain proper documentation to back them up.