ANCHOR: IT’S TAX DAY, AND YOU HAVE JUST 18 HOURS TO GET YOUR TAX RETURN IN THE MAIL. THE GOOD NEWS IS LESS THAN 1 PERCENT OF AMERICANS WILL FACE A FORMAL TAX AUDIT.

ANCHOR: BUT IF THAT NUMBER MAKES YOU NERVOUS, WGN’S MONEY-SAVING EXPERT ILYCE GLINK IS HERE WITH A FEW WAYS FOR YOU TO TIP THE SCALES IN YOUR FAVOR.

GOOD MORNING

ILYCE: IF YOU’VE FILED THE 10-40E-Z FORM, YOU DON’T HAVE TO WORRY THAT MUCH ABOUT BEING AUDITED. BUT IF YOUR RETURN INCLUDES A LARGE NUMBER OF DEDUCTIONS RELATIVE TO YOUR INCOME, YOU COULD BE INVITING THE I-R-S TO TAKE A SECOND LOOK. WHAT ELSE DRAWS THE IRS’ ATTENTION?

MORE LIKELY TO GET AUDITED:
SELF-EMPLOYED OPPORTUNITY TO “HIDE” TRUE INCOME

ILYCE: YOU’RE MORE LIKELY TO GET AUDITED IF YOU’RE SELF EMPLOYED THAN IF YOU WORK FOR A COMPANY. WHY? THE I-R-S BELIEVES THERE’S MORE OPPORTUNITY FOR YOU TO HIDE YOUR TRUE INCOME AND CREATE DEDUCTIONS BY TURNING PERSONAL EXPENSES INTO BUSINESS EXPENSES.

MORE LIKELY TO GET AUDITED:
CASH BUSINESS
GAMING INDUSTRY
WAITERS AND DOCTORS

ILYCE: YOU’RE ALSO MORE LIKELY TO GET AUDITED IF YOU’RE IN A CASH BUSINESS, LIKE THE GAMING INDUSTRY, OR EVEN IF YOU’RE A WAITER OR A DOCTOR WHO TAKES CASH PAYMENTS.

ILYCE: IT’S A LITTLE LATE TO WORRY ABOUT YOUR PROFESSION, SO THE SOLUTION IS TO KEEP PLENTY OF RECEIPTS SO YOU CAN SUBSTANTIATE YOUR DEDUCTIONS AND WRITE-OFFS IF THE I-R-S COMES KNOCKING AT YOUR DOOR. YOU MIGHT EVEN WANT TO PROVIDE THE PROOF UP FRONT – YOU MIGHT WANT TO ATTACH COPIES OF YOUR MEDICAL BILLS TO YOUR INCOME TAX RETURN, IF YOU QUALIFY FOR THE MEDICAL DEDUCTION.

DON’T MAKE THESE MISTAKES
MATH ERRORS
FORGETTING ABOUT INTEREST AND DIVIDENDS
NOT USING THE IRS PRE-PRINTED LABEL
FORGETTING TO SIGN YOUR CHECK
USING THE WRONG TAX TABLE
MISSING THE DEADLINE TO FILE AN EXTENSION

ILYCE: DON’T MAKE THESE EASY MISTAKES THAT CAN ALSO DRAW THE I-R-S’ ATTENTION: LIKE MATH ERRORS, FORGETTING ABOUT INTEREST AND DIVIDENDS WHEN CALCULATING YOUR INCOME, NOT USING THE IRS’ PRE-PRINTED LABEL, FORGETTING TO SIGN AND DATE YOUR CHECK, USING THE WRONG TAX TABLE, AND MISSING THE DEADLINE TO FILE AN EXTENSION.

ILYCE: WHICH, BY THE WAY, IS TODAY. IF YOU’RE GOING TO ASK THE I-R-S FOR AN EXTENSION, YOU STILL HAVE TO PAY ANY TAXES OWED TODAY, AND YOU HAVE TO FILE FORM 4868 BY TODAY. YOU CAN FIND THE FORM ON THE IRS WEBSITE, IRS.GOV. WE’LL POST THIS INFORMATION AT http://www.WGNTV.COM, ALONG WITH A LINK TO THE I-R-S WEBSITE, SO YOU CAN DOWNLOAD ANY LAST-MINUTE FORMS YOU NEED. ….. IF YOU HAVE ANY TAX QUESTIONS, YOU CAN EMAIL THEM TO ME AT WGNTV.COM, OR CALL (WHAT IS THE PHONE NUMBER) AND I’LL BE BACK IN THE 8 O’CLOCK HOUR TO ANSWER THEM FOR YOU, ROSEANNE AND LARRY?

WWW.WGNTV.COM

AMY: TAX HELP WEBSITES AND RESOURCES:
www.irs.gov
www.taxmama.com
www.bankrate.com
www.cch.com
www.aarp.org/taxaide
www.taxes.yahoo.com
www.1040.com

IRS Phone (recorded): 800-829-4477 Tele-Tax covers about 140 topics of common confusion, with many recorded in Spanish.

IRS Phone (live person): 800-829-1040 IRS helpers can help you handle questions too technical or specific for Tele-Tax and that pertain to your own account.

IRS Tax forms and publications: 800-829-3676

IRS Refunds (recorded): 800-829-1954

IRS Help with business returns (live person): 800-829-4933

IRS Taxpayer advocates:
Contact a taxpayer advocate if you face a significant hardship, or to handle a tax problem you can’t resolve through normal channels. (See IRS Publication 1546.)

IRS (national): 877-777-4778

Volunteer tax counseling: Federal and state tax officials train volunteers to provide free help preparing returns for low-income, disabled, elderly or non-English-speaking taxpayers through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. Taxpayers with simple returns and incomes under $60,000 may take advantage of the service. Volunteers are trained to prepare basic forms and forms claiming credits such as the earned income tax credit and the child credit.

To find a TCE site, call:
Internal Revenue Service: (800-829-1040
Tax Aide: 888-227-7669

Published: Apr 14, 2003