The U.S. Internal Revenue Service continues to gear up for tax season. Today they released the top four reasons that people give for not paying their taxes:
- Misinterpretation of the 9th Amendment to the U.S. Constitution regarding objections to military spending. *Erroneous claims that taxes are owed only by persons with a fiduciary relationship to the United States or the IRS.
*A nonexistent “Mariner’s Tax Deduction” (or the like) related to invalid deductions for meals.
*Certain instances of misuse or excessive use of the section 6421 fuels credit.
In 2006 the IRS increased the penalty to $5000 from $500 for tax returns which cite one of these reasons.
For more information check out this Web site: http://www.irs.gov/taxpros/article/0,,id=159853,00.html
While one can make a lot of jokes about tax season, it’s not funny if you have to pay a big penalty.
Published: Jan 14, 2008