As Ben Franklin put it, “nothing is certain but death and taxes.” Whether you prepare your own tax filings or go to a professional to do it, most of us are generally honest with the Internal Revenue Service when it comes to paying taxes. However, mistakes can be made – […]
If you didn’t file your taxes by the April 18 deadline this year, hopefully, you’ve requested an extension. An extension can give you extra time – up to six months – to file your return. It’s worth noting that for 2022, a six-month extension would push back your filing deadline […]
This is your year. Everything’s falling into place: you started dating a wonderful woman, you landed a great new independent contractor job, you got a considerable pay raise and you treated yourself to a new car. Now you’ve decided to take the plunge: you’re saying goodbye to renting, and you’re […]
Moving to a new home can be time-consuming, exhausting, and expensive. However, many people don’t realize that when they relocate, they may be able to deduct their moving expenses on their tax returns. Depending on how much your move cost, this deduction could spell significant savings. It’s worth noting that […]
If the U.S. Tax Code were food, it would be toast. Dry. Dull. Not particularly appetizing. Yet despite being “boring” toast is a vital food. In cases of extreme nausea, a toast may even save your life. Taxes show us what’s important In her book “The Public Opinion” tax and […]
In his 2003 book “Perfectly Legal” writer and investigative reporter David Cay Johnston delves into the U.S tax laws. His mission was to show how the very rich escape– in a perfectly legal fashion–the paying of taxes. The book raised both eyebrows and concerns. Is the U.S. tax system rigged […]
To cut to the chase: no. In order for you to be charged with and found guilty of fraud, the mistake has to be “willful.” You have to have what we in the legal world calls mens rea- or a guilty mind. You need a guilty mind to prove intent. What […]
Think about it: 155 million individual tax returns each year are processed by the Internal Revenue Service. That’s a lot of potential for error. When you take into account all of the people who contribute information to a tax return, that’s an incredible amount of opportunity for mistakes. Where mistakes […]
There are many potential red flags on your tax return. Most of us know that the Earned Income Tax Credit is something that can provoke an audit. We’ve also talked about lifestyle triggers; buying or writing off luxury items such as sports cars and first-class international airfare when your income […]
Anyone who’s ever flown first class to Europe knows that it makes a difference. When you are gastronomically pampered with a five-course French meal, including a cheese selection and a buttery croissant, that is also expertly paired with a 68-degree Bordeaux or bubbly Comtes Grand Cru AND you get to […]