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How to Make Sure You Don't Get Audited

How to Make Sure You Don't Get Audited
nationalmortgageprofessional.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgageprofessional.com Daily Mail and Mail on Sunday newspapers.

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Top 9 Audit Red Flags

WKBT
April 30, 2021 9:00 AM
MoneyTips
Posted:
Updated:
What two words cause the most panic to Americans? There are probably a hundred funny responses running through your mind right now, but we were thinking of a less humorous response: “IRS audit.”
Your odds of avoiding an audit are usually pretty good. The IRS reviewed 771,095 in fiscal year (FY) 2019, resulting in a low audit rate of 0.4%. Raising red flags in your return are likely to increase your odds of being audited. Some of these cannot be avoided, but others are essentially errors in judgment.
You Are Wealthy – The IRS disproportionately audits wealthier Americans. Why? As the famous bank robber Willie Sutton allegedly said, “Because that’s where the money is.” Think of it as a return on investment of IRS time. As Betterment Head of Tax Eric Bronnenkant puts it, “The IRS audits wealthy people because they’re the ones who are the most likely to get an adjustment out of ....

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Top 9 Audit Red Flags

Top 9 Audit Red Flags
kxly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kxly.com Daily Mail and Mail on Sunday newspapers.

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Year End Portfolio Changes For an Unusual Year

Year End Portfolio Changes For an Unusual Year
December 23, 2020 8:30am by
Barry Ritholtz
Year-End Portfolio Tweaks for an Unusual Year
What not to do with your investments and taxes is just as important as what to do.
Bloomberg, December 21, 2020

At this point in the typical year, this column would be filled with all the usual personal financial advice: max out the contributions to your 401(k) and 529 savings plans, add to your health savings account, make year-end charitable donations and make sure to rebalance your investment portfolio.
But 2020 was not a typical year, and the usual financial advice won’t do. The reason is obvious: The pandemic changed life as we knew it, from market to politics and everything in between. ....

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BBRG: Year-End Portfolio Tweaks for an Unusual Year

At this point in the typical year, this column would be filled with all the usual personal financial advice: max out the contributions to your 401(k) and 529 savings plans, add to your health savings account, make year-end charitable donations and make sure to rebalance your investment portfolio.
But 2020 was not a typical year, and the usual financial advice won’t do. So as the year draws to a close, there are several personal finance items to consider due to this unprecedented year:
1. Highly Appreciated Stocks
3. Corona Virus Related Distribution
4. Beware of Home Office Deductions!
....

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