by Bill Sweet
Maine: Do We Need It?
It's Saturday and it's almost tax season!
First some tax stuff - then it's time for a little MAINE JUSTICE.
Why You May Have To Wait Longer For Your Tax Refund This Year
Several states are implementing measures to ensure that tax refunds end up in the right hands. New York is pretty slow as it is (3-4 weeks) so I am hoping that they don't pump the brakes any further.
This shouldn't affect Federal tax refunds, unless you are an actual identity theft victim (hopefully not!).
What Happens After You Beat the IRS in an Audit
There are three simple keys to beating the IRS auditor: documentation, documentation, documentation.
Too many taxpayers ignore their record-keeping and substantiating requirements and are doomed if the IRS, state income, sales tax, or employment tax officials come sniffing around. It's not difficult to do - it just comes down to discipline.
"Self-employed taxpayers who got audited and came out unscathed reported less income in future years, an average of 35% lower three years after the audit, the study says. Having learned where the edge is, they seem to skate closer to it."
First some tax stuff - then it's time for a little MAINE JUSTICE.
Why You May Have To Wait Longer For Your Tax Refund This Year
Several states are implementing measures to ensure that tax refunds end up in the right hands. New York is pretty slow as it is (3-4 weeks) so I am hoping that they don't pump the brakes any further.
This shouldn't affect Federal tax refunds, unless you are an actual identity theft victim (hopefully not!).
What Happens After You Beat the IRS in an Audit
There are three simple keys to beating the IRS auditor: documentation, documentation, documentation.
Too many taxpayers ignore their record-keeping and substantiating requirements and are doomed if the IRS, state income, sales tax, or employment tax officials come sniffing around. It's not difficult to do - it just comes down to discipline.
"Self-employed taxpayers who got audited and came out unscathed reported less income in future years, an average of 35% lower three years after the audit, the study says. Having learned where the edge is, they seem to skate closer to it."
My favorite joke in "Almost, Maine" is when the lonely guy says that his parents moved south to escape the harsh winters. To Vermont.
"PRO: Gorgeous two-week summers / That one photo of Ali knocking out Liston / Beaches! Each one rockier than the last!"
- Bill
