Money Watch Q&A: Tax Audit Red Flags - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q&A: Tax Audit Red Flags

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You have three weeks left to file your income tax returns.  

Dena Wiberg of H&R Block is our Money Watch Q & A guest tonight. From the dreaded IRS audit to deductions and credits, she can answer all your tax-related questions between 5 and 6 pm. Just call 858-2222.

Dena says there are red flags that could trigger an audit. She says you need to be especially careful if you are self-employed. Reporting losses for three or more years and the agency will start to suspect your business is more of a hobby. Also, frivolous write-offs could lead to more questioning.  

Dena also says she gets a lot of questions about claiming dependents on your return. If your child is 18, but you are still paying for more than 50% of their living expenses, it might be more worth-while for you to claim them than not.  
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