Tax_Baby_Abacus

During tax time, clients look to you to help them save money. And part of that process is helping them file their returns correctly.

Read: 8 ways to cut taxes in 2015

As reported by Financial-Planning.com, a recent survey by the Minnesota Society of Certified Public Accountants found some taxpayers try to claim outrageous deductions to cut down on income losses. In past years, clients have tried to:

  • list family pets or unborn children as dependents;
  • claim speeding tickets as business expenses; and
  • claim below-value home sales as investment losses.

For more, click here.

Also read:

Prioritize RRSPs over debt repayment: Golombek

Estate freeze trims entreprenuer’s tax bill

Wealthy collectors establish museums for tax breaks

IRS says U.S. tax filers should expect delays

How to tax-loss harvest

One in four CRA callers get wrong advice: report

Originally published on Advisor.ca

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