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Posts tagged "Tax Deductions"

Tax deductions and charitable donations, part 2

In our December 14 post, we noted some tips from the IRS on how to properly claim tax deductions for charitable gifts. As the year draws to a close, and people make their last gifts to charity for 2012, there are a few more such tips worth noting.

Tax deductions and charitable gifts: tips from the IRS

In the media, the holiday season has become more associated with buying than giving or receiving. Black Friday starts earlier every year, with plenty of press coverage documenting each successive jumpstart.

Certain tax returns more likely to be audited by IRS

At this time of year, taxpayers in California and around the country are hoping to avoid the dreaded tax audit letter. The good news is that the Internal Revenue Service only audits a small percentage of the overall population--currently about 1 percent. The bad news is that audit rates are much higher among certain groups of taxpayers, whose returns single them out for additional IRS scrutiny.

IRS releases last-minute tax reduction tips

Orange County residents with high incomes are more likely to itemize their tax deductions and to be targeted by an IRS audit. The IRS is more likely to scrutinize the deductions that a high-income earner takes and the failure to provide supporting documentation for a deduction can get a taxpayer into serious legal trouble.

Not Deductible: Prostitutes, Buffalo Meat, Loofas, a Few Others

Everybody likes a good, meaty tax deduction. But some people try just a little too hard. For instance, here are ten deductions that probably seemed like a really good idea at the time, but were not allowed by the IRS.