Tag Archive for: credits

What Are Your Chances Of An IRS Audit? 15 Audit Red Flags To Know Before You File

Most taxpayers can relax. In recent years, the IRS has audited well under 1% of individual tax returns, and that figure is expected to decline further. That said, audits haven’t disappeared. Here are 15 common audit red flags to be aware of.

Major 401(k) Tax Break For Certain Earners Is Coming To An End

The IRS has issued final regulations for a 2022 law, which will require high-earning workers aged 50 and up to make pre-tax catch-up contributions.

One Big Beautiful Bill Extends Many Business-Friendly Tax Provisions

The key provisions of the One Big Beautiful Bill Act could affect your tax planning strategy. While a few changes may increase tax liability for some, the overall impact is likely positive for many businesses.

IRS Issues New Warning For Taxpayers To Avoid Losing Money, Personal Data

In a just-released statement, the IRS emphasized that scammers operate not only during tax season but year-round. These bad actors often impersonate the IRS and use fear tactics or misinformation to pressure people into revealing personal, financial, or employment details.

Why Do I Owe Taxes This Year? Understanding The Causes

There are many reasons why you may have underpaid taxes during the year, ranging from changes in your financial and personal situation to shifting tax laws. Understanding why you owe can help you avoid the same issue in the future.

Seven Ways To Reduce Taxable Income

Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.