Read a useful article for tax-report on WSJ, good for thought.
URL: http://online.wsj.com/article/SB10001424052748703461504576230743028469786.html
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Are you ready for tax day?
First, some good news: This year’s deadlines are unusually late. Because April 15 coincided with a District of Columbia holiday, 2010 tax payments are due Monday, April 18. The deadline for those with six-month filing extensions is Oct. 17.
Now for some bad news: Audits on wealthier taxpayers are likely to rise, say tax experts, while refund amounts are merely holding steady. As of mid-March, just over half of all 140 million-plus individual returns had been filed, slightly behind the total for last year, and the average refund continued to be about $3,000.
If you are racing to meet the April 18 deadline, here are some last-minute tips gathered from a broad array of tax preparers. We have identified eight deductions that many people overlook, eight audit triggers, six common mistakes, five reminders for investors and three ways to cut your tax bill right now. Plus, we offer a heads-up on the perils of offshore accounts.
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