Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit.

Here’s one of my favorites. It’s been part of our tax code for over 30 years, yet many still don’t take advantage of it.

What am I talking about?

The IRA — Individual Retirement Account. (more…)

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.

Choices, Choices…

Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know this simply isn’t true. Complicated tax forms can be a nightmare to fill out. Ever helpful, the IRS gives you an option of just taking a standard deduction instead of itemizing your deductions. So, what should you do? (more…)