On Wednesday, January 09, 2008 Carl Root wrote: > A posted list of "red flags" would be interesting, actually, if you > have the time. I'll probably me messing around with my taxes this coming Sunday, so I'll see what I can find in the Turbo Tax for this year. >This raises the question of whether on not you should take a >legitimate deduction, knowing that it could flag your return. >Sometimes it makes sense to hold it, then bring it out if you're >audited to make sure that they're the ones who owe you money. Trying >to nickel and dime uncle sam every year, an attitude that is all too >common, never made much sense to me, for a variety of reasons. Good point, Carl. This is something that good, conscientious tax professionals will point out to their clients - balancing the risk of inviting an audit against the few extra dollars in tax savings that you might gain. Sometimes the time lost to a possible audit just isn't worth it. Israel Stein
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