It's pretty common for people not to consider all the things they can deduct. They don't realize that maybe they have a vacation home and they don't take the interest because they think they can't.
More Quotes from Cindy Hockenberry:
More and more people are going to fall into the alternative minimum tax trap unbeknownst to them until they get the nice letter from the IRS that says it appears you are subject to AMT.Cindy Hockenberry
If you know your itemized deductions will be more than the standard deduction, you can still just use the standard deduction to get an idea in your mind. This will give you the lowest estimate.
Cindy Hockenberry
I'm not thinking the accelerated tax rate reductions would have a huge impact. They always like to say it's an economic stimulus package because they want to give the illusion that the economy is recovering that people will have more money. But it's only a small drop in the tax rates and I don't think in the grand scheme of things most taxpayers are really going to notice it.
Cindy Hockenberry
The IRS typically assumes you didn't itemize for one reason or another. They almost never notify you if you miss deductions but they will tell you if you miss income.
Cindy Hockenberry
Sometimes it is fun to go back and look at old tax records. But for reasons other than nostalgia, it's not necessary to hold on to most of your records for more than three years.
Cindy Hockenberry
You'd be surprised Many people think that if they throw their audit letter away it's gone. But it's not. The IRS isn't going to leave you alone. They'll keep at you until they get their audit.
Cindy Hockenberry
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