Its that time of year again:
Tax Time!
I was soooo frightened of taxes my first year in business as a Virtual Assistant here in Fort Worth, but I found that diligent record keeping and meticulous tracking of expenses and mileage made those first payments not so bad.
Since then I’ve learned a few more things about filing tax returns:
- Don’t mail your return early unless you are owed a sizeable return. Filing early gives the IRS more time to decide whether or not to audit you. They have three years to audit you and that deadline begins on April 15, not the day they receive your return…unless it’s filed after April 15. Also, if you file on or near April 15th your return will be one of millions filed at this time.
- Don’t file electronically. Use Turbotax if you want, but print the return and mail it in. The IRS hires workers to key the date they receive into their system. These workers only enter about 40% of the returns received. The returns not entered are warehouse and destroyed after six years. When you file electronically you make it easy for the IRS to add you to the audit pool.
- Mail your return via certified mail with return receipt requested. Keep your receipt to verify you mailed on-time.
If you have specific tax questions I recommend you contact a tax professional like Tim Plue of Ledger Consulting.
