Simple Tax Error Could Cost You Thousands

The devil is in the details is the lesson from David and Veronda Durden who were denied a $25,000+ deduction on their tax returns for a charitable contribution they made to their church. Why? Because of a simple technicality. The IRS disallowed the deduction, increasing their tax liability by thousands of dollars, because the proof they had confirming the donation didn’t meet all of the IRS’ strict requirements. The most shocking part is that the Tax Court recently ruled in favor of the IRS, leaving no recourse for the generous Durdens.

Mike Periu

Full Story: http://www.openforum.com/articles/simple-tax-error-costs-couple-25000-deduction/