Two Weeks Into Tax Season:
Well, two full weeks into the 2016 tax season and here is my list of things to watch out for:
- What have your 18-20 year old’s done with their taxes! Did they run to Block and get them done so they can get their $100 back? This could have (and I’ve seen it already!) a dramatic effect on your tax return! I’ve seen a bad effect of over $1,500!
- Inventory On Your Return. If you are in direct sales and on the cash basis (99.99% of you are), you need not have inventory on your return. I had one instance so far that the correction of this mistake netted over $1,500 cash back! (and just got another one in today that was wrong!!!)
- Don’t be in a rush! Ask the questions and get someone who will grill you! Many people rush for the refund and forget to ask the questions necessary to get the BEST refund. If you use someone to prepare your taxes, make sure they ask you a lot of questions to uncover deductions you never thought of.
That’s the hot list so far.
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