The April 15th tax deadline is coming up fast! While you're getting your forms together, you might be cheating on your taxes and not even know it. Smartmoney.com has six questions to ask before you send in your taxes!
Question 1: Did you take the right charitable donations?
You'll now need a receipt for all donations, even that five dollars you gave to the Salvation Army Bell Ringer.
Question 2: Did you report all of your income?
If you earned some extra cash make sure you claim it. As of 2008 businesses are not required to issue a 10-99 form if you earn less than 600-dollars, so you must make sure it gets reported.
Question 3: What about your meal deductions?
If you took a client to dinner and discussed business then generally 50-percent of the bill is tax-deductible. But if you spend over 75 dollars you'll need a receipt with the restaurant's name, person you were with, business you discussed and how much.
Question 4: What about business travel deductions?
If you traveled within the U.S. for business, 100 percent of your travel and hotel is deductible. But remember personal expenses like show tickets are not.
Question 5: Did you take the right home office deductions?
If you work a little at home, you do not qualify for a deduction. Your home must be your regular work space.
Question 6: Did you check your work?
If you the IRS finds an error you can't claim ignorance. Not only will you have pay for the difference but that price tag could include interest and penalties.
So make sure you always check the work no matter who does your taxes.
For more tax saving tips click on the link to smartmoney.com:
http://www.smartmoney.com/personal-finance/taxes/
