Cindy Hockenberry Irs Quotations

More and more people are going to fall into the alternative minimum tax trap unbeknownst to them until they get the nice letter from the IRS that says it appears you are subject to AMT.

It all comes down to whether you're defined as a trader or an investor. There's so much misinformation out there on the distinction, because the IRS hasn't really issued definitive guidelines on it.

The IRS typically assumes you didn't itemize for one reason or another. They almost never notify you if you miss deductions but they will tell you if you miss income.

The first thing you should do is to not panic. Sometimes they are just looking for a very specific thing, and if you give them what they are looking for it's no big deal. Just give the IRS what it wants and do it as fast as you can. That way it'll be over fast.

You'd be surprised: Many people think that if they throw their audit letter away it's gone. But it's not. The IRS isn't going to leave you alone. They'll keep at you until they get their audit.