March 27, 2010

Avoiding an Audit

It’s one of life’s scarier moments: an IRS audit of your tax return. Knowing what can trigger that audit can spare you some agony, and we’ll tell you the facts. Then, you’re caught up in sudden disaster, like a plane crash. Survival is your first instinct. We’ll talk to an expert for the secrets that can save your life.

Episode Segments:

InfoTrak: Avoiding the Audit As federal and state governments face mounting deficits, the rate of tax audits is increasing. Kelly Erb, Philadelphia-based tax attorney and blogger, tax expert for AOL’s WalletPop.com discussed the factors that most commonly can trigger an audit, and what the average taxpayer can do to avoid one. She talked about the many ways the IRS can build a picture of a taxpayer’s spending habits to look for financial patterns that don’t make sense.
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InfoTrak: Surviving Disaster Ben Sherwood, author of The Survivors Club: The Secrets and Science That Could Save Your Life examines who survives and thrives in difficult times, who does not, and why. He explained what he learned in talking to disaster experts, and survivors of plane crashes and other life-and-death situations. He believes that the average person can improve their decision-making abilities to greatly increase their odds of survival.
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Organizing Your Finances Regina Leeds, author of One Year to an Organized Financial Life believes that the average American’s financial life is very disorganized. She offered simple suggestions to improve financial record-keeping. She also outlined the reasons that getting organized can save money and make tax time less stressful.
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Guest(s) Appearing on this Episode

Ben Sherwood Ben Sherwood is a bestselling author, award-winning journalist and executive director of TheSurvivorsClub.org. From 2004 to 2006, he worked as executive producer of ABC’s Good Morning America during the two most successful seasons in the program’s history. Sherwood guided prize-winning coverage of the tsunami in Southeast Asia, the devastation of hurricane Katrina, and the presidential election of 2004 From 1997 to 2001, Sherwood served as senior broadcast producer and senior producer of NBC Nightly News with Tom Brokaw. From 1989 to 1993, he worked as a producer and associate producer at ABC News PrimeTime Live with Diane Sawyer and Sam Donaldson. Learn More About Ben & The Survivor's Club