deductions
Even if you have nothing to hide, an IRS audit is no picnic. But have you ever wondered why some tax returns get intense scrutiny while most sail through the review process? Here are 12 red flags that could increase your chances of drawing unwanted IRS attention.
A lot of tax talk focuses on tax brackets. But in order to get the full picture of what you hand over to Uncle Sam, you need to consider not your bracket, but your effective tax rate -- and those are two very different numbers.
Tax Refunds Are Shrinking -- and That's a Good Thing
6:30AM 1/12/2012
2011 wasn't a good year for those expecting big checks from the IRS. Not only were fewer refunds delivered, but the average refund was smaller. That's no surprise in this economy, but it's also a sign that Americans are getting smarter about how we handle our taxes.
They say good things come to those who wait. They also say he who hesitates is lost. But when it comes to half a dozen juicy tax breaks, it's the second "they" you should listen to, because he who waits until Jan. 1, 2012, to take advantage of them will be out of luck.
How to Take a Tax Loss When Property Values Fall
10:20AM 11/16/2011
A reader named Sally bought a property that has since fallen in value. If she sells it for less than she paid, what effect will it have on her taxes? DailyFinance's Laura Rowley has the answer.
When you contribute to a traditional IRA, you can deduct that money from your taxable income that year. When you contribute to a Roth IRA, you don't get the immediate tax benefit -- but you withdraw your money tax-free in retirement. It's also possible to convert from a traditional to a Roth, but you have to pay taxes to do so. A reader named Ron wants to know how that works, and when he'd have to pay the taxes. DailyFinance's Laura Rowley explains.
4 Holiday Season Tax Moves That'll Pay Off in April
1:00PM 11/01/2011
With Thanksgiving still three weeks away, taxes are probably the last thing on your mind. Still, much as you might groan at the thought, there are some smart steps you can take between now and Dec. 31 that will make a real difference when it comes time to deal with the IRS next spring.
You can't clip coupons or bargain shop for many of your biggest household expenses -- but what if there was a way to get a discount? There is: You can often take pretax deductions from your paycheck and allocate it for basic expenses like child care, transportation and tuition.
10 Ways to Maximize Your Tax Deductions Without Itemizing
9:00AM 2/17/2011
With all the emphasis on itemized deductions at tax time, taxpayers tend to believe that claiming the standard deduction limits the potential to reduce the amount of tax due.
While it's true that many taxpayers rely on popular itemized deductions, those aren't the only deductions available....
Around tax time, many taxpayers struggle with whether it makes sense to itemize. The answer is almost always purely financial. In most cases, you will opt to itemize deductions if the total of those deductions is larger than your standard deduction.
For the tax year 2010, the standard deduction...
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