ScheduleC
Even if you have nothing to hide, an IRS audit is no picnic. But have you ever wondered why some tax returns get intense scrutiny while most sail through the review process? Here are 12 red flags that could increase your chances of drawing unwanted IRS attention.
Does Filing a Schedule C Make Me the Target of an Audit?
8:00AM 2/24/2011
For the fiscal year 2009, about one out of every 100 taxpayers were chosen for an audit. In terms of numbers, 1.4 million taxpayers were selected for either a correspondence or a personal audit. Statistically, those are pretty good odds for taxpayers.
While there's no magic formula to determine...
When I was a kid, I wanted to look like everyone else. I wanted to have the same feathered bangs, the same tapered jeans, and the same white Keds as every other girl. The thought of looking even a little different felt like the end of the world. My mom would humor me, all the while explaining that...
Three new things I learned about taxes since being laid off
8:00AM 5/20/2009
I'm no stranger to the 1099 and Schedule C. Since 2004 I've been a here-and-there freelance writer, in addition to working full-time as a salaried employee -- first for NY1 News, then most recently for TheStreet.com. I know it's important to keep organized, to hold onto invoices and business...
When you've got self-employment income, it's much nicer if you can use Schedule C-EZ instead of Schedule C. Why? Because it's easy (EZ)!!!You can use Schedule C-EZ if you have $5,000 or less in business expenses, and if you do not have a net loss in the business for the year. There is an...
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