Summary: In its desire to combat abusive tax shelters, the IRS is leaning more heavily on audits, summons enforcement and litigation. Are you protecting yourself? Click through to be informed about schemes to avoid.All investors seek to take advantage of all legal means to legitimately reduce their overall tax liability, but abusive tax shelters are illegal investments […]
Summary: When you want to take advantage of certain medical care deductions, the rules regarding what you can and cannot do seem straightforward. However, with some subtle planning, you can legally game the system to boost your deductions. Click through for tips on how to get the most out of the IRS.Let’s consider a married […]
Summary: Thinking about buying an annuity so you can get steady income when you retire? It may be a good idea, but there’s a lot to think about first. Click through to learn about the array of annuities to choose from. You want a steady income stream during retirement — and an annuity may be […]
Summary: Wondering whether you can take a deduction for the clothing you wear as a small-business owner? The answer isn’t simple. The IRS has strict rules on clothing deductions. Click through before you buy that Armani suit on the company’s dime.Can you deduct clothes as a business expense? In some cases, you can deduct the […]
Summary: Self-employed individuals who use their homes for business purposes often look for advice on how to take full advantage of the IRS’s complex rules when deducting home office expenses. Click through to make sure you’re familiar with the nuances of home office deductions.It’s not always easy to figure out which home office write-offs are […]
Summary: You don’t get too much help from the IRS when it comes to medical deductions, unless the costs are substantial. But there are some quirks that can help. Click through to make sure you don’t leave anything on the table.Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they […]
Summary: Do you want to transfer your assets as efficiently and effectively as possible? Estate planners often suggest a trust — but it can get complicated. Click through to learn about the potential pitfalls in setting up a trust.When you use a trust, you bypass probate, a lengthy legal process that validates your will, and […]
Summary: It’s one of the more difficult decisions that come across the desks at the IRS: What is a gift and what is compensation? Click through for some insights into this age-old question to make sure you’re on the right side.Back in 1913, Woodrow Wilson began his first term as president, and Americans first filed […]
Summary: In the investing world, the term “capital gains” comes up a lot. But what does it really mean, and what are its implications? Click through for an introduction to the tax and finance rules surrounding capital gains.A capital gain is a profit made when you as an individual or business sell a capital asset […]
Summary: Crowdfunding has become a powerful way to raise money for a host of projects. But like with every other financial transaction, the IRS has imposed rules. Click through to make sure your crowdfunding project follows the law. Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people, […]