29 Mar My wife’s deductions on our taxes are ‘liberal,’ Should I be worried?
Q. My wife has always filed our taxes with an accountant, and I always just signed. I get that I was responsible after signing, but I’ve just learned she’s been overly liberal with deductions. The IRS hasn’t noticed yet, but I’m nervous. Should I do something?
A. This is an interesting one.
Lots of people are “overly liberal” with deductions, and sometimes, they get caught.
The prospect of an audit, though, is worrying.
But really, we don’t know that your wife has been doing anything wrong.
Overly liberal with deductions can mean many different things, said Evan Drury, a chartered financial consultant with U.S. Financial Services in Fairfield.
“As you note you are aware that your tax return is your responsibility even though you have an accountant,” Drury said. “One thought would be if you don’t like the return your accountant has completed for you and you believe that too many deductions have been used.”
It might be time for a second opinion review with a certified public accountant.
“It will most likely be much cheaper to have this second opinion completed than having an improper return coming back to you,” Drury said.
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This story was originally published on March 29, 2023.
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