No one wants to see an Internal Revenue Service (I.R.S.) auditor show up at their door. But the good news for taxpayers is that odds of an audit continue to decline. In 2019, the IRS audited 0.45 percent of personal income tax returns. The I.R.S. budget was roughly $1 billion less than it was 8 …
Beneficial Tax Breaks for Retirees
The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: …
ABLE Accounts for Loved Ones with Disabilities
Families with special needs children have a new tax-deferred savings option. The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, and was created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states …
