Wealth Wednesday: Tips for Avoiding an IRS Audit

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  • Tap Into Free Tax Prep Help
  • Use Tax Software
  • Double Check Those Home Office Expenses
  • Double-Check Oversize Deductions
  • Report All Income Accurately
  • Stay On the Up-and-Up
  • Check and Re-Check
  • Six Tips

Double Check Those Home Office Expenses

Home office deductions have historically been a major audit target for the IRS, which wants to make sure your “business” and “hobby” expenses aren’t being co-mingled. Tread carefully with your home office deductions, keep good receipts and records, and be sure to only write off the portion of your home and expenses that support your for-profit entity (defined by the IRS as making a profit for at least three of the last five tax years).  (Photo: GettyImages)

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