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Financial Planning / Tax Strategies
|Subject: Just curious||Date: 2/9/2005 3:51 AM|
|Author: Polywilliams||Number: 76467 of 120800|
For a sap like me who tries his hand at muddling through the tax code and doing his (relatively complicated) taxes himself, how much wiggle room is there, if any?
That is--is there any need to be concerned about very small past mistakes on returns. What constitutes a 'small' mistake? I have discovered a couple of small mistakes that would change my return by under $100 in each case. The errors are not in my favor. I plan to do nothing about them because it isn't worth my time to go back and fix them and file an amended return.
Does the IRS take a similar position if an error IS in my favor(again, think small)?
I just wonder because it is entirely possible that there are small mistakes in my favor that I have not found. Will the hounds be unleashed on me if I ever get audited? I am just curious as I hear about huge fees for errors.
I won't lose any sleep over it because I give it my best effort to play it straight. Certainly I should have an accountant do my taxes, but I still feel that the tax code should be simple enough that the average college graduate (myself) should be able to prepare his own return.
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