updated 4/6/2006 12:24:52 PM ET 2006-04-06T16:24:52

There are some red flags that can increase your chance of an unwanted meeting with the IRS.

Major Market Indices

Many tax returns are run through a computer selection process that assigns a value to certain key items on your return. If the total score exceeds the guideline set by the IRS, the computer will kick out your return for further examination to determine if it should be audited.

If the IRS discovers a possible error, it sends you a letter explaining the apparent mistake. The letter also includes the proposed correction and notes any tax owed plus interest and penalties, if applicable. Most such letters don't require a visit to an IRS office.

Yahoo! Finance, H&R Block and Jackson Hewitt Tax Service, all provide valuable tax information.

If your tax return is complicated, hire a pro. If you do it yourself, always check the math — it will keep the IRS computer happy and make your life a lot easier.

© 2012 Forbes.com


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com