Category: Taxes for Individuals
The Internal Revenue Service’s audit rate dropped to 0.45% of individual returns in fiscal 2019. However, the audit rate was higher for people with low incomes and those earning more than $500,000.
Deep inside legislation passed in late 2019 is a provision that broadens the acceptable use of 529 college savings plan funds.
Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Read some common areas that can mean big money savings with proper planning.