Audit Red Flags: 7 Common Triggers and How to Avoid Them
The word “audit” can send a shiver down any taxpayer’s spine. While the overall chance of being audited is relatively low, certain items on your tax return can raise eyebrows at the IRS and increase your chances of a closer look. An audit isn’t always a full-scale, in-person investigation; it can often be a simple […]
Tax-Loss Harvesting: A Smart Strategy for Your Investments
In the world of investing, we often celebrate our wins. But what about our losses? While no one enjoys seeing a stock or fund in the red, savvy investors know that underperforming investments can be a hidden source of value through a strategy called tax-loss harvesting. This powerful tool can lower your tax bill and improve […]
The Home Office Deduction: What You Can and Can’t Claim
For the growing number of freelancers, remote workers, and small business owners, the home office deduction is a valuable tax break. But it’s also one of the most misunderstood and frequently audited areas. Claiming it correctly can save you a significant amount of money, while getting it wrong can lead to headaches with the IRS. […]
I Got a Letter from the IRS. Here’s What to Do Next
Finding a letter from the Internal Revenue Service in your mailbox can instantly spike your blood pressure. Visions of audits, penalties, and financial ruin flash before your eyes. But take a deep breath. The first and most important rule is: Don’t Panic. The vast majority of IRS letters are not cause for alarm. They are […]