I was watching Good Morning America this morning, and they had their financial advisor on, advising us on how to avoid being audited by the IRS. I only remember a few of her tips, such as if you do have a large medical expense be sure to attach the bill. One of her red flags that signals the IRS you might be "suspect" caught me off guard. It was regarding charitable donations. She said the typical American gives 2% of their overall income to charity. She then said, "So if you claim to have donated let's say, 10%, that will be a red flag to the IRS. You will most definitely need paperwork to back up such a large donation." My next thought was, most Mormons or other devotely religious people will be considered "suspect". Our tithing is 10%, and some donate more through Humanitarian Aid or Perpetual Education Fund. I guess no good deed goes unpunished! Is this funny to anyone else?Wednesday, February 4, 2009
Watch out for the IRS
I was watching Good Morning America this morning, and they had their financial advisor on, advising us on how to avoid being audited by the IRS. I only remember a few of her tips, such as if you do have a large medical expense be sure to attach the bill. One of her red flags that signals the IRS you might be "suspect" caught me off guard. It was regarding charitable donations. She said the typical American gives 2% of their overall income to charity. She then said, "So if you claim to have donated let's say, 10%, that will be a red flag to the IRS. You will most definitely need paperwork to back up such a large donation." My next thought was, most Mormons or other devotely religious people will be considered "suspect". Our tithing is 10%, and some donate more through Humanitarian Aid or Perpetual Education Fund. I guess no good deed goes unpunished! Is this funny to anyone else?
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3 comments:
Better make sure you go to Tithing Settlement!
That is ridiculous!!! I guess I better make sure I save my papers from tithing settlement...
My father-in-law is an accountant, and he says once the IRS finds out you're Mormon, they no longer consider it a red flag! So, save your statement, but don't get too worried!
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