The IRS has audited only 1% of all individual returns recently, so most taxpayers can sleep at night. But if you file a Schedule C to report profit or loss from a business, your odds of drawing additional IRS scrutiny increase. Schedule C is a “gold mine” of tax deductions for the self-employed. IRS agents...
If your New Year's resolutions included buying an electric vehicle this year, take heart. A revamped 2023 EV tax credit is a notable part of the Inflation Reduction Act, and the new law’s clean energy focus. Here are some of the changes, some are good, some not so good. Some good news: For EVs placed...
Women mean business, and the world needs more women in business. While women have long been under-represented in the business world, this trend is clearly changing. In fact, the number of female entrepreneurs in this country is increasing, and today, 37 percent of all U.S. businesses are female owned, according to the National Women’s Business...
Inflation is running rampant right now. Fortunately, the IRS takes inflation seriously and does its part to ease the sting to your wallet by making cost-of-living (COLA) adjustments every year. Not all sections of the Internal Revenue Code are tied to inflation but, the IRS takes a look at these numbers and, when warranted, adjusts...
The IRS is boosting how much Americans can plow into their 401(k) plans due to a surge in inflation, and along with that extending a 9% cost-of-living adjustment for Social Security benefits in 2023, the highest percentage increase since 1981. The contribution limits for the popular tax-deferred retirement savings accounts will rise by $2,000 to...
