The Internal Revenue Service audited .96 percent of individual tax returns in fiscal year 2013, declining for the second straight year. Even though there was a decline, the IRS increased the revenue it collected from tax enforcement by 6.3%. Ever
Tag: itemize
2013 Year End Tax Planning
Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks won’t be around next year unless Congress acts to extend them. Businesses and individuals can potentially achieve significant tax savings
Tax Tips – Gambling Income and Losses
Six Tips on Gambling Income and Losses Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. Gambling income includes winnings from
Tax Tips for Taxpayers Who Travel for Charity Work
Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about
Maximize Medical Deductions
Medical costs seem to increase every year. There is a way to get Uncle Sam to foot some of the doctor bills, but you need to make sure you know and follow the rules. The Internal Revenue Service lets you
Employee Business Expenses
Employees often give a little extra in their jobs. If that giving is literal, you paid some work-related costs and weren’t reimbursed, so you may be able to turn your professional dedication into a tax break. Itemization required Many unreimbursed employee