All Articles Tagged "write-off"

The 10 People Most Likely To Be Audited. Are You One Of Them?

March 26th, 2013 - By C. Cleveland
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AP Photo/Susan Walsh

AP Photo/Susan Walsh

Tax season is a time of joy and pain. For some, Uncle Sam is a kind friend who drops a check in the mail just in time for spring. For others he’s a cruel collector, shaking money out of your pocket for the government to spend. But, some taxpayers are destined to meet a worse fate. One where a representative of the IRS looks through every receipt in their possession and decides how much they really owe your government. Getting audited is a real and present danger.

Should you be afraid? According to Michael Rozbruch, founder and CEO of Tax Resolution Services, only about 1.1  percent of people who file a 1040, the most common tax return, are audited. That rate increases to 12.5 percent for people earning $1 million or more. Most audits are triggered by the kind and amount of deductions taken. If you fit one of these profiles, watch yourself. Uncle Sam may turn his attention to you.

The 9 Most Frequently Overlooked Tax Deductions

February 14th, 2013 - By Blair Bedford
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Shutterstock

Shutterstock

The 2013 tax season is here, and with many close friends, family members and acquaintances offering their personal services and advice, they might overlook a few of the tax deductions you could possibly qualify for.

Filing your taxes may seem simple enough, but make sure you are getting all you deserve from the year and take note of these commonly overlooked tax deductions before filing and completing your taxes for the season.