Category Archives: Financial Tips

What are your chances for being audited? [Part 2 of 3]

Interesting facts from the IRS Number of returns filed: From FY 2009 to FY 2010, the number of partnership returns filed dropped by 1.6%, and the number of S corporation grew by .3%. The number of C corporations returns dropped … Continue reading

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What are your chances of being audited? [Part 1 of 3]

Your income tax return has been prepared, it’s been properly filed with the IRS, and now you are waiting. You’re not just waiting for a tax refund, you’re  waiting to see if you’re going to be involved in a tax … Continue reading

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What are your chances for being audited? [Part 3 of 3]

Ways to avoid a tax audit With over 140 million tax returns to sift through, the IRS relies on automation to help them raise a “red flag” when something on a tax return looks suspicious. Almost all the precautions you … Continue reading

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Standard mileage rate increases for 2011

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to … Continue reading

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