Death and Taxes

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Death and Taxes

“‘In this world nothing can be said to be certain, except death and taxes.” This common quote has been attributed to Ben Franklin

No one disagrees with Ben. These are for certain. But for so many Americans, you wonder if taxes cause death. I don’t know of anyone that is not under some level of stress to get their taxes completed each year. The numbers are staggering. The IRS processed over 143 million returns in 2011 and the number of corporations filing is approaching 2.4 million annually. If you’re in the business March and April require long days, weekends and tolerance to caffeine.

It doesn’t end with the return. A certain percentage (about 1 out of 100) will get audited. Fox Business News lists the 7 reasons why this may occur.

Making Errors
Failing to include a 1099 or additional income
Claiming too many charitable donations
Reporting too many losses on a Schedule C
Claiming too many business expenses
Claiming a home office deduction
Using nice, neat, round numbers

The lesson here for all of those coming down to the wire. Don’t create any undue stress on yourself. Stay organized, play by the rules and if you can afford it, hire a great CPA that is experienced in tax accounting. Ben is correct, but there’s no reason to accelerate the process.

Mark Schuster, Partner

Here’s some other notable quotes…enjoy!

“The hardest thing in the world to understand is the income tax.” -Albert Einstein

“The avoidance of taxes is the only intellectual pursuit that carries any reward.” – John Maynard Keynes

“The way taxes are, you might as well marry for love.” — Joe E. Lewis

“The income tax has made more liars out of the American people than golf has.” — Will Rogers

April 13, 2013

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