How much do you know about your taxes? Well, April 15th is coming up soon, and we want you to have the right idea about your hard earned money.
Did you know that you need to report all of your income? Yes, that means prize money, gambling winnings, rental income, and any money you earn in cash. It’s important because it’s the right thing to do. The IRS has the capability to know the income you earn.
You can also reduce your chances of being audited. While the odds of getting audited are about 1 in 100, it’s important to be neat and legible when you file your tax return.
Finally, you will never receive a phone call from the IRS. If you ever receive a phone call from an organization claiming that they are the IRS asking for your social security number hang up. It is a scam. The IRS is aware that scams like this exist, and are doing their best to stop them.