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Red Flags That Could Trigger a Tax Audit

What is an IRS audit? The IRS may choose to review a taxpayer’s accounts and financial information to ensure all tax laws are being followed. Even though the IRS only audited 0.4% of individual income tax returns in 2019, many taxpayers live in fear of a letter from the IRS questioning items on their return. “Taxpayers worried about the possibility of facing an IRS audit may hesitate to claim all the tax breaks they are entitled to claim,” says Kathy Pickering, chief...

Legal Secrets to Reducing Your Taxes

“There’s more opportunities in general for self-employed workers and business owners,” says Luke Sotir, a financial professional with Equitable Advisors in the greater Boston area. However, there are still a number of ways for wage earners to lower their tax liability. Tax credits and deductions change regularly though, and the Tax Cuts and Jobs Act of 2017 eliminated some popular deductions and limited others. “Certainly, it’s a moving target,” says David Snider, founder and CEO of New York City-based Harness Wealth. As of right...

How to Apply for Partial Unemployment Benefits

EVERYONE KNOWS THAT IF you lose your full-time job, you can get unemployment benefits. But if you lose a part-time job or if your full-time position becomes part time, did you know that you can get partial unemployment benefits? What Is Partial Unemployment? Partial unemployment is exactly what it sounds like – an unemployment check that replaces part-time income. The only difference is that it won’t be as much money as an unemployment check that replaces a full-time job. Arguably, partial unemployment benefits are...