The IRS is set to intensify its audit activities thanks to an $80 billion boost from the Inflation Reduction Act. This funding aims to revitalize the agency, which has faced years of underfunding, resulting in customer service issues and decreased audit rates. Wealthy individuals and large corporations will be the primary focus of these increased audits.
You can leverage your home office into a tax benefit for both you and your corporation by following these steps. Remember, careful documentation is key to proving your home office meets the IRS requirements.
When it comes to retirement planning, married couples have a unique advantage that can significantly boost their savings: the Spousal IRA. This often-overlooked tax break allows a working spouse to contribute to an Individual Retirement Account (IRA) on behalf of a non-working or lower-earning spouse. In this post, we explore how you can leverage a Spousal IRA to enhance your retirement nest egg, covering eligibility requirements, contribution limits, tax benefits, and strategic advantages.
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Dealing with IRS penalties can be overwhelming, with over 148 different types potentially adding significant costs to your tax bill. However, many of these penalties can be reduced to zero if you can demonstrate reasonable cause, such as medical issues, bad advice, or natural disasters. Learn how to navigate the process of penalty abatement, potentially saving yourself thousands of dollars, and find out why professional tax help can make all the difference. Don’t let IRS penalties weigh you down – take control of your financial future today.
Navigating the intricacies of tax deductions for business meals can be challenging, especially with the IRS’s Sutter rule potentially reducing or denying your claims. In “Navigating the Tax Maze: How to Safeguard Your Dutch-Treat Business Meal Deductions,” we unravel the nuances of this rule, highlight triggers that might attract IRS scrutiny, and provide practical strategies to protect your deductions. Discover how to effectively document your business meal expenses to ensure they are recognized as legitimate, deductible costs.
The Dirty Dozen represents the worst of the worst tax scams. Compiled annually by the IRS, the Dirty Dozen lists a variety of common scams
In a recent verdict, the Tax Court addressed critical facets concerning spousal relief from unpaid taxes, spotlighting evidence admissibility and the criteria for granting relief
Buckle up, folks. The IRS is making waves with some significant changes in its enforcement game. With a hefty $80 billion boost promised by lawmakers
Stay updated with IRSProb’s insights on IRS’s new proposal to modernize seized property sales. Know how it impacts tax liens and audits.
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