Happy Friday!

Happy Friday!

Yes, the IRS offers an installment plan to help you pay your taxes. And yes, you will have to pay interest.

One of the biggest fears every American has is a tax audit. While the truth is that you are unlikely to experience a tax audit, it could happen. And there are a few IRS red flags that can increase the chances of a tax audit. Here are some things to avoid when preparing your tax return:

Handwritten returns. Instead, consider having a professional prepare it. Or use software that fills the numbers in for you.
Round numbers. Do not round up. Do not round down. Use exact numbers. Round numbers are among the major IRS red flags. $179.96 should never be $180.
Excessive …read more

I recently received the following from a reader: What is the difference between fair tax and flat tax?
With tax season coming up, and with presidential candidates talking about tax plans (Mike Huckabee is especially vocal about fair tax), this is an exceptionally timely and relevant question. Here are the basic differences:
Fair Tax
This is a term that indicates an end to all taxes collected by the government, save a national sales tax of sorts. This national sales tax would be collected on every new purchase made. As of now, there are “prebates” offered to those with less money, since sales tax …read more