by Action Tax | Tax Blog
While this is a cautionary tale, it’s certainly entertaining and worth telling. This story highlights the importance of doing your homework before entrusting someone with your financial information. I would guess the client also had to pay some additional taxes (it is...
by Action Tax | Tax Blog
Often times, my clients come to me around February or March, with the April 15th tax deadline looming, asking about exemptions or credits or deductions, and how they can get them. Well by that time, it is too late. With one of the most contentious tax preferences in...
by Action Tax | Tax Blog
According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS is working to comply to an executive order for reporting requirements. Even though there has been a decline of improper payment for Earned Income Tax Credit (EITC) since the 2003...
by Action Tax | Tax Blog
It’s not important how much you make but how much you keep. That’s why you need to take advantage of every legal and practical opportunity to reduce your tax bill and put your investible dollars into tax-free or tax-deferred products. Our U.S. tax code allows you to...
by Action Tax | Tax Blog
There’s less chance the IRS will audit you. The 2014 IRS audit rate was at the lowest level in at least 10 years and may drop even further according to the agency. The percentage that an individual’s tax return was examined in person or through the mail fell to 0.86%...
