office

Rhyme and Reason for Tax Season
by: Dr. Boyce Watkins

As the IRS is coming, the monkeys crawl on your back

So let the finance doctor spit some tips for your tax

I teach Money classes, so I know this game well

Perhaps the pointers I give can help you avoid a jail cell

In case you don’t know, there are things you can learn

To avoid having them audit your 06 return

Here are some rules, and they’re as easy as sex

You won’t end up in orange jump suits like Enron execs

Rule #1 – if your income could make a horse choke

It looks suspicious to Feds if last year you were broke

Sudden increases in income and cash

Makes them do double takes of returns now and past

Rule #2 – If you make a fast buck on the side

Make sure you report it, don’t try to hide

They always find money, I’m not really sure how

Big Brother’s surveying your bank account now

Rule #3 – when you fill your return, cross all your “t”s

Dot all your “i”s, be careful please!

Any mistakes on the forms you turn in

Will make them say “John, can I see that one again?”

Rule #4 – Please note, if you work for yourself

I congratulate you, but you’re no longer stealth

Self-employed people stand out from the pack

Like Bobby and Whitney in a house full of crack

Rule #5 – You might like deductions you can itemize

Since taxes make your wallet feel sodomized

But be careful what you write off, because they watch these things close

Especially if your deductions are higher than most

Rule #6 – for those who own their own gig

The home office deduction is easy to rig

But this deduction is a red flag for the boys in blue

This write-off makes them more likely to come after you

If you get that cold letter that makes your heart sink

Don’t panic, it’s not as bad as you think

While audits are tough monsters to kill

Most people who fight actually reduce their tax bill

When it comes to these taxes, the more that you know

Knowledge is power, and it makes your wealth grow

Happy tax paying for the upcoming year

With these facts in your pocket, there’s nothing to fear.

insert content here