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Everyone loves saving money, and we regularly look for new ways to be able to do it. Recently, more and more of us have been able to work from home. This unique work situation may qualify you for a tax deduction for your home office, but should you take it? Many...
The Treasury Inspector General for Tax Administration (TIGTA), the IRS’s watchdog, has issued a report on the state of tax collections through private debt collectors contracted by the IRS. The IRS has assigned private collection agencies over $30 billion in unpaid...
A new report from the Treasury Inspector General for Tax Administration (TIGTA) makes several recommendations to the IRS on how it could reduce improper retirement deductions by self-employed individuals. The report suggests that some self-employed people may claim...
Wealthier state residents who own additional homes in New York City may experience a bigger tax pinch if state lawmakers have their way. Members of the New York State Assembly recently revived plans on an annual tax of 10% to 13.5% on co-ops and condos used as second...
The IRS recently announced that it is hiring 50 more specialized auditors who will be ready to begin in February. The agency is planning to ramp up small business audits by 50% over its historically low rates for these taxpayers. This could mean increased audit...
Especially this year, many taxpayers are facing challenges paying their tax bills. If the pandemic has affected your ability to pay, the IRS has your back, according to a recent announcement. At least, the agency is making it easier to settle up. Taxpayers have always...
This year, a lot of people are facing financial troubles. The good news is some lenders have been willing to work with debtors to relieve some of their debts. Unfortunately, that could result in a taxable event. Generally, debt that is freely forgiven, such as through...
The odds of getting a notification from the Internal Revenue Service (IRS) of a federal tax audit are fairly low. Recent projections estimate most individual tax filers are at about a 0.4% risk. However, certain things can increase this risk. In some cases, the...
In a recent ruling, the IRS has determined that daily fantasy sports, which allows you to renew your roster every week, is not a game of skill. Instead, the agency found that it is gambling. The good news is that, according to PLR 202042015, daily fantasy sports (DFS)...
When you run your own business from home, you face handling a multitude of responsibilities to make your business successful. One of those is reporting your yearly business expenses and income and ensuring you shield yourself from a potential audit. However, if you...