Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come …
Tax
Red Flags for Tax Auditors
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: …
