Don’t guess on your taxes
March 31st, 2009 | by mbhunter |When you’re filling out your taxes, it should be taken seriously. They’re not a laughing matter. The IRS is kinder than it used to be, but it still can make its presence known if you try to get away with something, intentionally or otherwise.
One civic organization I belong to had to file a tax return for last tax year. Our treasurer is meticulous, and he tried as best as he could to get answers to his questions regarding the tax returns we needed to do. Despite his best efforts, he wasn’t entirely comfortable with all of the numbers. As treasurer, he is personally liable for any consequences of filing an incorrect return. I remember getting really hot under the collar at a board meeting when other members dismissed this as the treasurer’s problem and were reluctant to allow him to get professional assistance. (He eventually had it looked over.)
Your tax return isn’t something to be cavalier about. Jeff Schnepper’s article, 8 types of income the IRS can’t touch, is a good article. But after listing a number of types of compensation from your job that weren’t taxable (or at least didn’t hit your adjusted gross income) he added a little phrase that might encourage people to take some liberties:
You get the idea.
Wrong advice. What if I don’t “get the idea” and make a mistake and don’t claim some income that I should have, and the IRS finds out? Then I’m in trouble.
If you don’t understand everything you’re putting on your tax return, shell out the money to get it looked over by a competent professional. It really isn’t worth it to guess.
2 Responses to “Don’t guess on your taxes”
By Roger on Apr 1, 2009 | Reply
Hunh, I read that article from Jeff Schnepper, but missed the ‘You get the Idea’ comment. It does seem to encourage some questionable behavior, sad to say.
By John on Apr 8, 2009 | Reply
Yes, persons like me who are not conversant with the nuances of the financial and tax structures, it is better leave it to a professional who could take care of our returns. But we should be judicious in choosing one because if gets anything wrong, the whole problem would be mounted on us,without us being involved.