Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I screwwed up. My record keeping was not exactly up to par this year. I don't have doc's to back up some of my deductions. I'm entitled to them, so I'm taking them, that's the bottom line. They aren't bogus or made up. In fact I STILL have to pay in this year, even WITH them taken off my income. If I was going to cheat, I'd cheat BIGGER. Can anyone say $1,000,000 tax refund please??<G>

But I'm in a position that I've never been in before, and am going to make damn sure I'm never in again. If I get audited I have to pray for mercy from the tax man. I'll actually have to sit in front him him/her and while staring at the floor admit that "I don't have receipts or cancelled checks for some of my deductions, even though I KNOW I'm supposed to, now is there any chance of you being nice to me"

So what would happen to me? I'm sure the deductions would be disallowed, and I would have to pay tax on the NEW AGI figure. That is fine, it's my screw up, so I'll pay it if I have to. But would there be a penalty of any kind? Like I said there is no fraud here, and there is no way they could prove any different. I DO have written records, and my financial records in Microsoft Money, I just can't lay my hands on the actual receipts.

Anybody ever been through this?? Any gurus out there that can help me to know what to expect and how to respond if they do audit me. My plan is to be as brutally honest as possible. Yup, I deducted it, but I lost the reciept, Sorry.

Am I stressing about nothing??


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.