Don't miss the deductions and credits that are mostly likely to yield significant tax savings. Business, home and dependents are 3 key categories.
Become a mystery shopper, and banks and retailers will pay you to fib. All in the name of better customer service, of course.
No, you can't deduct credit card interest (usually), job-hunting clothes or commuting costs. But people keep thinking they can.
Businesses small enough that their income is reported on owners' returns account for the greatest amount of underpaid taxes. Only 1% of those are audited.
Many eligible taxpayers avoid this deduction because they've heard it's complicated and likely to trigger an audit. There are lots of rules, but here's the plain-English translation.
Senators agree to revert to old law and throw out new requirement that businesses send 1099s to vendors. Landlords still must do additional reporting.
State goes after commercial dog breeders who aren't paying sales and income taxes. Puppies are among the assets seized.
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MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
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The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.