If you have feel you have been bombarded by commercials announcing that it is refund season, or that your tax return can be completed in a few simple clicks, you are likely not alone. Tax season is big business for tax preparers, with more than a billion dollars to be made by companies such as Taxslayer, H&R Block and Intuit.
At this time of the year, many people are anxiously watching their online bank accounts to see whether their anticipated federal tax refund has been deposited. Still others, however, are anxiously watching the calendar, hoping that they won't be selected for an audit by the Internal Revenue Service owing to some oversight in their tax return.
Last time, we began discussing how individuals and businesses across the nation are now engaged in the frequently arduous process of preparing their tax returns, looking to maximize deductions, secure generous refunds and, of course, avoid audits.