Why Padding Tax Deductions Is a Risky Proposition

Some client education may be in order.

By Barry J. Friedman, CPA
IndustryNewsletters

“In this world, nothing can be said to be certain, except death and taxes” is a quote often attributed to Benjamin Franklin. With that in mind, it’s best to be prepared, at least financially, for taxes and tax season each year.

MORE: Yes, Home Equity Loans May Still Be Deductible | How to Challenge Property Taxes | Real Estate, IRAs & Clients | Percentage-Withholding for Clients | Bitcoin: What Clients Need to Know | Supreme Court Wayfair Ruling Sows Confusion – And Opportunity
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The Risks

When it comes to deductions, things can get a little sticky. Some clients may wonder what the harm is in taking a little extra here or a little extra there.