Friday, July 25 2014 6:43 PM EDT2014-07-25 22:43:41 GMT
William Carino has always been careful with his money. He takes advantage of Pell grants that help fund his political science degree. He started college at John Tyler then transferred to VCU. "I barelyMore >>
We're on your side, with a way to save money on college courses and in some cases, you can do it, by actually skipping some classes.More >>
Friday, July 18 2014 6:01 PM EDT2014-07-18 22:01:07 GMT
Two decades ago, it was Air Jordans that had a whole generation believing, "It's gotta be the shoes." Today, LeBron James makes millions off shoes, too. It's still all about the shoes, and it turns outMore >>
Today, LeBron James makes millions off shoes, too.More >>
Friday, July 18 2014 2:52 PM EDT2014-07-18 18:52:23 GMT
Eye level placement, slow music and "10 for $10" deals are just some of the gimmicks grocery stores have used for years trying to get you to buy more. VCU marketing professor Dr. Thomas Myers said,More >>
Eye level placement, slow music and "10 for $10" deals are just some of the gimmicks grocery stores have used for years trying to get you to buy more. More >>
Thursday, July 10 2014 6:15 PM EDT2014-07-10 22:15:02 GMT
A Richmond company helps save the newly insured time, money and headaches. For those who've never purchased a health insurance policy, the process can be confusing and downright expensive and the AffordableMore >>
A Richmond company helps save the newly insured time, money and headaches.More >>
Friday, June 13 2014 5:45 PM EDT2014-06-13 21:45:13 GMT
Before you head to the store to buy supplies for spring cleaning...check your pantry. "If you look in your favorite store... furniture polish runs between $4.00 and $4.50 and we put this furniture polishMore >>
New ways to clean your house, without cleaning out your bank account. Last spring, our Diva of Discounts showed you how to create your own cleaning supplies using everyday products you already have. She's back with brand new ideas.More >>
RICHMOND, VA (WWBT) -
If you haven't filed your taxes yet, several tax experts say to watch out for these top five red flags that have the most potential to trigger an audit from the IRS.
There is no set check list when it comes to who gets audited by the IRS, but here are claims that stick out:
1. Disproportionate donations compared to your income
"The IRS does keep statistics comparative information as to different levels of income in ranges that they expect to see," said Jamie Walker, tax partner for Cherry Bekaert.
According to IRS data, the average deduction for a $50,000 to $100,000 income is $2,881.
2. Leaving off income - like tips from service jobs and winnings from gambling
3. Overstating the value of your home office
"That's a big red flag at the IRS," said James Shepherd, Chairman for Verus Financial Partners.
The IRS now offers a safe harbor deduction of $5 per square foot with a maximum of $1500.
4. Having a less-than-reputable tax preparer
Choosing an unaccredited tax preparer can boost your chance of an audit.
"There's something called the Preparer Tax Identification Number... if somebody prepares your return for you, they should be signing that return with the PTIN number," said IRS spokesperson Mark Hanson.
The PTIN shows the preparer is IRS-certified.
5. Filing a 1040X or an amended return
This won't trigger an audit, but it will be looked at more closely.
"It's not necessarily higher scrutiny, it's just that somebody's hands are on that return, where electronically they may not be," said Shepherd.
Walker says filing a Schedule C means you're 12 times more likely to be audited.
"About 70% of the people that are taking losses, claiming losses on those Schedule Cs are noncompliant," said Walker.
If any of these categories worry you...don't let them. Experts say you'll get what you're entitled to, just as long as you have all of proper documentation to support it.
Wednesday, August 27 2014 6:44 AM EDT2014-08-27 10:44:38 GMT
We first told you about this heartbreaking story that left the Harrison family facing thousands of dollars in reburial costs. This all dates back to Easter Sunday, and yet the Waverly city council isMore >>
This all dates back to Easter Sunday, and yet the Waverly city council is just responding with a letter that has the family and many in the community shocked and disappointed.More >>
Tuesday, August 26 2014 7:04 AM EDT2014-08-26 11:04:20 GMT
A very special young boy is set to appear as a VIP in this year's Dominion Christmas Parade. In April, we introduced you to 4-year-old Jacob Walker - the only boy in the world living with one of the rarestMore >>
Jacob Walker, the only boy in the world living with one of the rarest forms of dwarfism, is set to appear as a VIP in this year's Dominion Christmas Parade.More >>
Wednesday, August 27 2014 1:30 AM EDT2014-08-27 05:30:17 GMT
People in Richmond's Fulton neighborhood are buzzing with questions after California-based Stone Brewery is considering RVA as a top spot for building a new, elaborate commercial brewery. That could meanMore >>
The Fulton neighborhood is buzzing after California-based Stone Brewery is considering RVA as a top spot for building a new, commercial brewery. That could mean revitalization and jobs.More >>
A South Carolina sheriff's deputy is on administrative leave after a violent arrest was captured on camera. Deputies say the video only shows part of what happened inside and outside the store, and that the suspect had been shocked with a TASER several times before officers made physical contact.More >>
A South Carolina sheriff's deputy is on administrative leave after a violent arrest was captured on camera. Deputies say the video only shows part of what happened inside and outside the store, and that the suspect had been shocked with a TASER several times before officers made physical contact. More >>