5 Filing Mistakes That Will Likely Warrant A Tax Audit

#2. Over-valuing Your Charitable Donations

The IRS is cracking down on charitable contributions. Many filers are making the mistake of, for instance, claiming the full value of clothing and other items on their taxes. The issue is that these things decrease in value over time. Also, if you donate items to the Goodwill, a store rep will appoint a value of each item themselves. So, the likely-hood of a nice pair of Versace pants – bought in 2005 for $1500 – will remain valued at $1500 in 2014.  So, be realistic when claiming charitable donations.