The holidays can be a lot of fun and can be very stressful. It is the season of giving, which often means it is also the season of spending. One of the best tools you can implement to help make the holidays a lot less stressful is to create and follow a holiday budget.
Therefore, our gift this holiday season is the gift of holiday budgeting for winners. This information and advice will help consumers overcome deep debt and maintain good financial health.
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:
Your income is high or low. The reasoning is simple – higher earnings may lead to bigger errors and lower earnings may mean incorrect deductions. The adjusted gross income (AGI) range wit...
We all know how reading books can expand your knowledge and improve your life. However, there is one aspect of it that many people tend to forget: the value of rereading books.
I believe that not only should you read books you’ve never read, but also you should reread books you’ve already read. In fact, I’d argue that re-reading books is just as important as reading new ones. Here are some books I’m rereading this summer.
Your chances of being audited or otherwise hearing from the IRS escalate depending upon various factors, including your income level, the types of deductions or losses claimed, the business in which you're engaged and whether you own foreign assets.
1. Filing a Schedule C
Business income and expenses triples your odds of being audited. Not surprising when you consider that Schedule C filers are estimated to report only 57% of their income, totaling roughly $68 billion in unpaid taxes each year, acc...