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Most-Overlooked Tax Deductions

1. State Sales Taxes istockphoto Although all taxpayers have a shot at this write-off, it makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes or state and local sales taxes. For most citizens...
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IRS Audit Red Flags: The Dirty Dozen

Here are 12 hot spots on your return that can raise the chances of scrutiny by the IRS. Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored? The IRS audits only slightly more than 1% of all individual tax returns annually. The agency doesn’t have enough...
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5 Ways to Save on Your Taxes in 2012

When it comes to filing your taxes, you might prefer to get it over and done with as quickly as possible. But if you’re not thorough, you could miss out on commonly overlooked tax deductions. For example, are you aware of the Saver’s Credit? If not, it is no surprise: Only 21percent...
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9 Warning Signs You’re About to Get Audited

The IRS is on the prowl–possibly for you. Thanks to improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger audits, says Joseph Perry, a partner at Marcum LLP, a public accounting firm. “They definitely contact taxpayers more frequently,” he adds. Contact typically starts with a...
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