deductions
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable…
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President Biden is seeking to bolster the IRS and enforcement of the tax laws over the next decade. In the last 10 years, the Internal Revenue Service’s funding has been cut by 20% causing the department to lose more than a fifth of its staff. With this lack of funding and staffing, the compliance department…
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With the start of the new year, most people are reflecting on the past and making resolutions – while not necessarily thinking about filing taxes, April 15th is coming soon! Tax season does not need to be overwhelming or confusing – if you take the time to get organized and make some plans, it can…
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IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely…
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