8 Things You Should Never Deduct From Your Taxes

The tax filing deadline is fast approaching, and taxpayers have limited time to reduce their 2019 tax bills. Thankfully, classic tax write-offs like contributing to your IRA are still available until April 15. But with recent changes to the tax code, certain expenses that seem like legitimate write-offs (or had been in the past) aren’t … Read more

Who’s More Likely to Be Audited: A Person Making $20,000 — or $400,000?

When Natassia Smick, 28, filed her family’s taxes in January, she already had plans for the refund she and her husband expected to receive. Mainly, she wanted to catch up on her credit card debt. And she was pregnant with their second child, so there were plenty of extra expenses ahead. Since Smick, who is … Read more

Who’s More Likely to Be Audited: A Person Making $20,000 — or $400,000?

When Natassia Smick, 28, filed her family’s taxes in January, she already had plans for the refund she and her husband expected to receive. Mainly, she wanted to catch up on her credit card debt. And she was pregnant with their second child, so there were plenty of extra expenses ahead. Since Smick, who is … Read more

Get Free Help and Advice From Former IRS Agent

I’m proud to announce that Jim Buttonow has agreed to assist readers with tax issues for free. Jim is a great guy and certainly a very knowledgeable tax expert. I have no reservations in recommending him as an expert to help site readers. Jim is a licensed CPA who spent 19 years with the IRS … Read more

Substitute Teacher Lives in Shelter Instead of Paying Rent. – Tim

“Dear Steve, My Brother-in-Law is deeply in debt. He was laid off from work 6 years ago and hasn’t found a decent job since. He isn’t very smart when it comes to money and lived off his savings until it was all gone. He is now 60 years old, has several thousands of dollars on … Read more

I Will Be Retiring Soon and Pay Off Mortgage With IRA Money. What Taxes Will I Owe? – Robert

“Dear Steve, I will be retiring soon. Will pay off mortgage with IRA money. Balance of mortgage about 59K. I am 63. For the situation I am in paying off my mortgage will make complete sense. Thank you How do I figure what taxes will be owed and can I pay this tax with money … Read more