12 IRS Audit Flags For 2012

English: United States Internal Revenue Servic...

12 IRS Audit Flags For 2012: “IRS audit” is one of most-feared phrases in the English language. While the chance of being audited is pretty low (about one in 100), the chance of being touched by the IRS is on the rise, according to my colleague Kathy Kristof. You may be one of the unlucky two percent of taxpayers who are subjected to random audits, but most IRS inquiries arise for specific reasons. Here are the 12 audit flags for 2012. Remember, many of these are legitimate — just make sure that you have all supporting documentation in case the IRS calls.

1. Not reporting income: Whoops — forgot about that consulting gig? The IRS receives copies of all 1099s and W-2s you receive, so make sure you report all income on your return. If you receive an incorrect 1099, talk to the issuer and make sure that a corrected form is filed with the IRS.

2. A large change in income: The IRS computers have all of your historic data, so when there’s a big change from the previous year, it can trigger a red flag.

3. Being self-employed: Self-employed workers take note: The IRS doesn’t trust you, because so many of you are trying to game the system by under-reporting income and overstating deductions. This class of taxpayer must be well-prepared to defend all deductions and credits. Continue Reading…

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Obama Pledges Economic Equality In SOTU Speech

English: US President Barack Obama and British...

Obama Pledges Economic Equality In SOTU Speech: US President Barack Obama has used his last State of the Union speech before the November election to paint himself as the champion of the middle class, by demanding higher taxes for millionaires and tight reins on Wall Street.

Taking advantage of the huge national platform of his annual speech to Congress, Mr Obama defiantly defended his record after three years in office and laid blame for many of the country’s woes at the feet of banks and an out-of-touch Congress.

He proposed sweeping changes in the tax code and new remedies for the US housing crisis as he made the case for reducing income inequality in America.

While the biggest proposals in Mr Obama’s election-year speech are considered unlikely to gain traction in a divided Congress, the White House believes the president can tap into voters’ resentment over the financial industry’s abuses and Washington’s dysfunction. Continue Reading…

Mitt Romney Won The First Presidential

Mitt Romney Won The First Presidential: Mitt Romney 2012 presidential preference Caucus Iowa narrowly edge earlier the competition in a growth Rick Santorum away a mere eight votes Tuesday, succeeded through.

Two men-both of which freshly won a month ago as expected-neck and neck and ended in a virtual tie. Second place close, the full campaign and Santorum shoestring budget was focused on Iowa to cap a big increase in popularity.

Romney finished 2nd in Iowa in 2008, but his former primary and caucus States another 2012 campaign focused on exactly this cycle he was six he had least votes in 2008.

Rep. Ron Paul, libertarian leaning his third third-place in the Texan and inspired most of the Presidency. Read More…

Iowa Caucus Results 2012

Iowa Caucus Results 2012: Mitt Romney defeated GOP presidential caucus 8 votes in Tuesday’s Iowa Rick Santorum, a former state Romney narrowly fended away upstart Challenger who just confirmed Wednesday, Republican Party told weeks ago one points admitted in the survey.

Ron Paul is a closely one-third ended, according to state GOP Texas gov Rick Perry, and., the 5th late Tuesday told his home state of whether he will stay on his campaign to come back to.

Romney, a early Massachusetts Governor, 30015 votes, just the State GOP, Santorum told a early 30007USSenator from Pennsylvania,. 25% of all vote broadly. Read More…