Tax Preparers Gone Wild

Nothing against our friends in the transportation industry, but if your school bus driver is preparing your tax return, you might have a problem. Such was the case for over 300 individuals in Missouri

A daytime bus driver and nighttime tax preparer, Yolanda White, has been accused of filing scores of bogus tax returns for people. Apparently, the IRS audited 30 of her clients, and they all contained fraudulent deductions. Guess who else the IRS will be auditing? That's right, the other three hundred clients of hers.

So when it comes to taxes, remember that the same person who gets you bussed can also get you busted.

Do You Owe Tax on eBay Sales?

The friendly folks at the Internal Revenue Service want to make sure you know that if you sell things on eBay, you might owe them money. They issued a summary that gives some guidelines on whether you're in the 'business' of auction sales.

Basically, if you're just selling things occasionally, in the online equivalent of a garage sale, you're clear. But if your activity is repetitive, or you buy items with the intention of reselling them for a profit, you could well be in business, whether you know it or not. In addition to regular income tax, the Service could want an extra 15% self-employment tax.

They just wanted to make sure you know! ;)