Pop Quiz: Who Are the 47%, and What Do They Really Pay in Taxes?
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If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.
Need more information on Individual Retirement Accounts (IRAs)? IRS Publication 590 covers it all.
The IRS can garnish your wages if back taxes are owed, but they must follow stringent guidelines.
If you, your spouse or dependents attended post-secondary school, you may be able to deduct a portion of the tuition and fees by reporting it on IRS Form 8717.
The contributions you make to a traditional IRA account may entitle you to a tax deduction each year.