Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
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Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.
A quick look at how federal income taxes work.
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The chances of an IRS audit aren't that high. And being audited does not necessarily imply that the IRS suspects wrongdoing.
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Estimate how much of your Social Security benefit may be considered taxable.
Assess how many days you'll work to pay your federal tax liability.
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