Maybe TurboTax isn’t as easy as it looked. Maybe you’re seduced by H&R Block’s claims that they save the average tax payer $1800. Maybe you just don’t know how categorize that shoebox of receipts you keep under your desk, but chances are, you’ve wondered whether you should hire professional help.
This tax season I bit the bullet and hired an accountant. I hired a guy who is both an accountant and a lawyer, and I figured that he would know enough loopholes and secret deductions to more than make up for his $375 price … Read more »
One of the areas of your tax return at which the IRS looks most closely is the section covering car deductions. There’s a reason for this: it’s a difficult set of tax laws to navigate and many people over-deduct or use sloppy estimates, resulting in more money for the government when they catch you. You don’t need receipts for everything, since it’s difficult to get receipts for things like mileage, but you do need detailed records of everything.
Car deductions are easy if you have a company car. In this case, you can just deduct the whole shebang. … Read more »