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Accounting && Auditing

Understanding the Standard Deduction for Self-Employed Individuals in 2021

As a self-employed individual, navigating the complexities of tax deductions can be a daunting task. However, understanding the standard deduction is crucial for optimizing your tax savings. This comprehensive guide will delve into the intricacies of the standard deduction, providing you with a clear understanding of its benefits and how to maximize it. What is … Read more

Why Would the IRS Be Reviewing My Refund?

Receiving a notice from the Internal Revenue Service (IRS) can be a nerve-wracking experience, especially if it pertains to a review of your tax return. Understanding the reasons behind an IRS review can help alleviate anxiety and prepare you for the process. This comprehensive guide will delve into the various factors that may trigger an … Read more

How Much Can You Claim on Expenses Without Receipts?

Navigating the complexities of tax deductions can be a daunting task, especially when it comes to claiming expenses without receipts. However, understanding the rules and regulations can empower you to maximize your deductions and minimize your tax liability. This comprehensive guide will delve into the intricacies of claiming expenses without receipts, providing you with the … Read more

Does the IRS Track Bank Wires?

Yes, the IRS tracks bank wires. Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C. 5311 et seq.). What information is reported to the … Read more