2015 audit statistics show continued changes What are the Chances? Every year the IRS publishes the statistics on the number of tax returns they are examining. Provided here are the last three years of published information and a look back to 2008 to see any trends: Percent
Read more →You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat. Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. Did I declare all of my income? Are
Read more →With interest rates close to zero and a newly received refund check in hand, you may wish to consider a contribution to a Roth IRA. The Roth IRA basics Using after-tax funds, you can contribute up to $5,500 each year in a Roth IRA. If you are
Read more →The recent tax legislation addresses a number of tax credits and other provisions that impact small business. Planning your business’ tax bill is now more important than ever. Here are some of the key changes: First year bonus depreciation is now available through 2019. Section 179 capital
Read more →Take multiple years of last minute tax law changes, add major sections of the tax code that expire each year only to be extended, and mix in major pre-formulated tax code changes. All this adds up to lots of potential for tax savings, but only if you
Read more →Granted, retirement plans are usually easier if you’re a full-time employee. But if you’re self-employed, you can still contribute to a retirement plan. It’s expensive to be a sole proprietor. If you’ve been one for any length of time, you already know that. There’s the self-employment
Read more →Over the past few years the IRS has made the use of penalties and fines a more prevalent tool to encourage compliance among taxpayers. This “stick” approach is in direct contrast to the “voluntary” philosophy built within our tax system. Here are a dozen of the
Read more →Want your tax return filed quickly and without error? Then double-check this handy list of items that are often overlooked. Review and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed. Having proof of health insurance.Most taxpayers
Read more →Haven’t completed your 2015 taxes yet? You’re cutting it close. Don’t short-change yourself on business expenses, though. If you’ve been in business for several years, you have a pretty good idea of what expenses can be claimed on your income taxes. But even if you think
Read more →Taxpayers neglect to file returns for countless reasons. If you’re one of them, here’s what you need to know. Believe it or not, there are individuals who don’t file tax returns even though they’re owed a refund. (They do have three years to claim it.) It’s
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