Tax Deductions Not To Claim

When it comes to taxes, it’s usually good to try to save money by claiming as many deductions as possible. However, this is emphatically not the case with certain tax moves: namely, those that are illegal. Outlined below are some of the most notorious illegal tax deductions people have tried to claim. Don’t try to claim the following deductions, unless you are looking forward to IRS audits, to wasting your time dealing with paperworklawsuits, and jail time. [Read more]

Some Tax Deductions People Miss

You can save a lot of money when tax time comes by taking the time to carefully look over your financial history for the year, and itemizing all the legitimate deductions you can make. Everyone knows this. Yet, most people tend to think that looking for tax deductions is only for specialists. Thus, they miss the opportunity for big savings. The fact is, the average person has many more expenses to deduct from their income taxes than they think. Here some of the average person’s most often-missed opportunities for a tax break. [Read more]