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Potential Double Benefit from a Tax Deduction
For most taxpayers, the amount of federal income tax they pay each year often depends upon where they fall in the federal income tax brackets and on the breakdown of their taxable income between ordinary (e.g., wages) and capital gains from the sale of assets (e.g., common stock).
IRS Releases Its Dirty Dozen for 2007
The IRS recently issued its Dirty Dozen for 2007, which is the latest installment of the annual tally of the most notorious tax scams, and warned people not to fall for schemes peddled by scamsters.
Business and Investment Expense Documentation
Even though there may be no question as to the deductibility of a business or investment expense, it may be disallowed by the IRS for lack of supporting documentation.