No one wants to see an Internal Revenue Service (IRS) auditor show up at his or her door. The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its attention. Here are six flags that may make your tax return prime for an IRS audit.¹ […]
While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some that were, well, too creative.¹[images style=”2″ image=”http%3A%2F%2Frebelfinancial.com%2Fwp-content%2Fuploads%2FTax-deduction-Calculator-300×269.jpg” width=”300″ align=”right” top_margin=”20″ bottom_margin=”20″ left_margin=”20″ right_margin=”20″ full_width=”Y”] Creative Deductions that Passed […]
Contributions to a traditional IRA are tax deductible if you don’t already participate in an employer-sponsored retirement plan. For 2015, the maximum you can contribute to an IRA is $5,500. If you are age 50 or over, you can make an additional “catch-up contribution” of $1,000.[images style=”2″ image=”http%3A%2F%2Frebelfinancial.com%2Fwp-content%2Fuploads%2FTax-Deductible-Stamp-300×300.jpg” width=”300″ align=”right” top_margin=”20″ bottom_margin=”20″ left_margin=”20″ right_margin=”20″ full_width=”Y”] […]
