With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.
Continue Reading: Make year-end tax planning moves before it’s too late!
If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including:
Continue Reading: 3 last-minute tips that may help trim your tax bill
Many clients are concerned about “red flags” that can trigger an IRS audit. Since the IRS audits less than one percent of all individual tax returns annually, the odds are pretty low that your return will be chosen for review. I believe that you should take every legitimate deduction that is available to you, so I am not suggesting that you pay more in taxes than you should just to avoid the small risk of a potential audit. That being said, the presence of the following factors in your return increases the chances that the IRS will come calling.