Thursday, April 10, 2008

There Are No Tax Day (Apr. 15) Tricks

SACRAMENTO (Wireless Flash - FlashNews) – Uncle Sam knows all the tricks up your sleeve.

Holly McDonell is a spokesperson with the California Franchise Tax Board, who says there are no sneaky ways to avoid the watchful eye of the IRS.

Urban legends about avoiding an audit – like not using the peel-off label provided by the IRS, or filing electronically instead of in person – are, according to McDonell, “Silly and absolutely not true.”

McDonell explains that tax returns are randomly selected for auditing, and says when it comes to staying on good terms with the taxman, “Honesty is the best policy. If you’re getting cash under the table and not reporting it, you’ll probably get audited.”

McDonell also dispels one more money myth that might buy you some time.

Uncle Sam collects your cash on April 15, but if you don’t owe anything, you actually have until October 15 to file your taxes.

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