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A theft-loss tax deduction allows certain taxpayers to deduct qualifying financial losses caused by theft or fraud. For better and worse, the rules related to this particular deduction are far more complex than many people realize. Whether a loss qualifies depends on...
Audits do happen, but they are relatively rare. Some reports indicate that they have dropped by about 66% since 2010. Many people will never experience an audit at all. However, even though it is rare, since it is a possibility, it is important to know what can...
Getting a CP501 notice from the IRS can feel stressful, especially if you are unsure what it means. This notice is usually the first reminder that you have unpaid taxes on your account. While it is important to take it seriously, it does not mean you are facing...