That goes for income from bank account interest, investments, rental property, gambling winnings and more. For example, say you donate a few boxes of clothes and toys to your local Goodwill or Salvation Army. When valuing your donations, Allec recommended asking yourself: How much would a reasonable person really pay for these items? In addition to charitable donations, there are a few other tax deductions that taxpayers can claim if they qualify to itemize taxes instead of taking the standard deduction.
In that case, it might be tempting to inflate the value of those deductions, including medical expenses, work-related education expenses and other miscellaneous deductions. Speaking of businesses, this is another area where taxpayers might stretch the truth on their returns. Another one is reporting personal expenses as business expenses, such as a personal cell phone or entertainment expenses.
According to Allec, some people go beyond simply fudging the numbers and fail to file their tax returns at all.
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Whether you intentionally lie on your tax return or simply make a mistake, those errors can potentially lead to expensive consequences. So rather than taking the chance your return is incorrect, take extra steps to ensure its accuracy. Keep detailed records so you know exactly what to claim.
Is Chocolate Good for You?
So if you feel like your tax situation is a bit more complex than you can handle, consider working with a qualified tax professional in your area. Know the rules: If you do decide to DIY your tax return, be sure you fully understand the rules of a certain credit or deduction before claiming it.
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So what should you do if you realize there is incorrect information on one of your past tax returns? According to Allec, the first thing you should do is gather all relevant data so you can determine the extent of your errors. Often, you can file a form X for that year to fix relatively simple errors. If you underpaid your taxes, the IRS will assess penalties and interest on the balance due.
Knepper and the affectless Ms. View all New York Times newsletters. While the title of ''Ice Cream'' refers to its characters' cultural and linguistic differences, that of ''Hot Fudge'' is more elusive. Suffice it to say that the characters in this brief, explosive work are on the gravy train. In three dense, fast-talking scenes, set in a pub, wine bar and private club on the same night, Ms. Churchill captures present-day hustlers of several classes and nationalities. The rackets may involve old-fashioned theft, sophisticated credit-card fraud, real-estate speculation or faddish tennis instruction, but to this playwright, they are all part of the same bankrupt new Anglo-American empire of multi-national corporations, ''random walks,'' currency shifts, ecological vandalism and disingenuous corporate public relations.
Review/Theater; 2 Caryl Churchill Plays Show Dark Side of 80's
As is explained in one hilarious speech, even the once-romantic calling of travel agents can now be rationalized in cold market terms because everyone in the world is either ''a potential customer'' or, as part of a tourist spot's ambiance, ''a potential commodity. Churchill's rage at greed is familiar from ''Serious Money,'' her stock-exchange comedy, ''Hot Fudge'' resembles ''Top Girls'' when it suddenly shifts its setting from the economic arena to the private world where its money grubbers actually live. The play's fourth scene, set in a living room, exposes the sad people shouldering the pyramid schemes of compulsive mercenary success.
As harrowingly acted by Ms. Moore and Mr. Pankow, each in a different state of psychological unravelment, this denouement is a nauseating glimpse into a most contemporary void.
Grandma’s Hot Fudge sauce
The director, Les Waters, gives both plays a production as jolting as the writing. Annie Smart's distorted sets, as lighted by Stephen Strawbridge, have the imposing colors and stark, unsettling angularity of Alex Katz paintings. The six fine actors make fierce impressions in a total of 23 scurvy roles.
One doesn't have to swallow all of Ms. Churchill's at times knee-jerk didacticism to find ''Ice Cream With Hot Fudge'' rich in bracing theatrical bile. Barry; associate producer, Jason Steven Cohen.
Food fraud is a major issue, particularly in organic products
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Satyam's Ramalinga Raju
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