March 7 - This Tax Season, Beware Of The Impulse To Pad Your Deductions
Each year the Internal Revenue Service issues a Dirty Dozen list of tax scams and schemes. In part three of our tax series this year, we see that padding your tax return with false or inflated deductions has made this year’s list… and the consequences can be dire.
Less than one percent of all federal tax returns are audited…but beware, the higher your income the more likely you are to be audited. Falsely reporting expenses or downplaying your income are bright red flags to the IRS. Reporter Mary Lou Cooper brings us the story.