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Month: March 2021

What is the Standard Deduction and How Does it Work?

What is the Standard Deduction and How Does it Work?

The standard deduction is a specific amount decided upon by the Internal Revenue Service (IRS) each year to help lower the taxable income of taxpayers. This amount helps reduce the total of your tax bill each year. While the majority of people take the standard deduction when they file their annual tax returns, there are …

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Casualty, Theft, & Disaster Loss | What Can You Deduct?

Casualty, Theft, & Disaster Loss | What Can You Deduct?

Going through a natural disaster is never a good thing, but you might be able to deduct the casualty, theft, and disaster losses you incurred on your annual tax return. To claim the deduction, you must meet certain requirements and follow specific rules. You may want to work with a tax expert, someone who understands …

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7 Things the IRS Doesn't Want You To Know cover

7 THINGS THE IRS DOESN'T WANT YOU TO KNOW

Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.