Under The Magnifying Glass
The IRS is taking a closer look at 1040’s, specifically Line 21 – OTHER INCOME. They are scrutinizing CoD’s aka “Cancellation of Debt”. I’ll have more information for you by November. In the meantime, If you think this affects you, give me a call at 619-589-8680.
Wondering why you got a letter from the IRS? Could it be your mileage log? The IRS Is a stickler for details when it comes to mileage logs. Did you make sure that your mileage log reflected the day-to-day use and associated expenses for your vehicle(s)? Read our blog on “What is the most common trip wire to trigger an audit?”