Most Suspicious IRS Audit Triggers

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients’ tax returns. IRS Auditor The Internal Revenue Service recently announced it will not require taxpayers to amend their returns or pay back any extra money they received in their…

Using a Car for Business? Grab These Deductions

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: 1. Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. 2. Use the standard mileage deduction in 2014 and…

Tax Refunds Hit $125 Bn

The IRS has issued nearly 40 million tax refunds worth almost $125 billion for this season as of February 20. The average refund is $3,120. Altogether, the IRS has processed almost 50 million returns, or about a third of the total individual federal income tax returns the agency expects to receive this year. Almost 83%…