If you file for an extension, you will receive an audit<\/a><\/p>\nYou may think that asking for more time to file your taxes would make the IRS suspicious of you and thus result in an audit.\u00a0 This is not true.\u00a0 The IRS does not reveal how they determine who to audit so that they do not tip of the tax dodgers.\u00a0 But there is no reason to think that just by filing for an extension to submit your tax returns you will get audited.<\/p>\n
In fact, submitting your taxes later but accurately would reduce the chances of getting audited because there would be no ambiguity and mismatch between your filing and the IRS records.\u00a0 To receive an extension, just submit a Form 4868 by the April 15 deadline.<\/p>\n
Myth #2<\/p>\n
If you file for an extension, you can pay later<\/p>\n
Sorry, this is not true either.\u00a0 No matter whether you request for an extension or not, you have to pay up what you owe by the April 15 deadline.\u00a0 If you request for an extension at the same time, you still need to pay an estimated amount of what your tax liability would be.<\/p>\n
Myth #3<\/p>\n
If you choose e-filing, your are more likely to be audited<\/p>\n
As I mentioned above, the IRS does not reveal its criteria for who gets chosen to be audited.\u00a0 In fact, IRS spokeswoman Michelle Eldridge has confirmed that the way the IRS determines who is audited has nothing to do with how your tax returns are filed.\u00a0 People file their tax returns in various ways for their own reasons; some choose to do so electronically, some choose to use snail mail.\u00a0 The means of filing does not have any bearing on who gets audited.\u00a0 Again, e-filing may reduce your chances of getting audited because it is usually more accurate.<\/p>\n
Myth #4<\/p>\n
If you run your own business, you can deduct all your expenses from your taxable income<\/p>\n
You can only deduct expenses related to your business.\u00a0 You are not entitled to deduct personal expenses that are not business related or that have been reimbursed to you by another party.\u00a0 A good example is your car.\u00a0 If you the car is used for both business and private use, you can only deduct the percentage of time it is used for your business.<\/p>\n
I will continue with more tax myths in my next article.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
After 32 years of IRS work \u2014 and more than $100 million in resolved tax debt \u2014 I've seen just about every version of the problem you're dealing with. I'm Darrin Mish, a tax attorney in Tampa. Here's what you should know. With the April 15 deadline to file your income tax drawing near, I […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4],"tags":[28],"class_list":["post-21632","post","type-post","status-publish","format-standard","hentry","category-irs-help","tag-irs-audit"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/21632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=21632"}],"version-history":[{"count":1,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/21632\/revisions"}],"predecessor-version":[{"id":21634,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/21632\/revisions\/21634"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=21632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=21632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=21632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}