If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2020, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 15, 2021, due date, not including extensions.
Just 0.45 percent of taxpayers were audited in the fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones listed below could help.
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look:
Many businesses struggle to pay bills these days, so it wouldn’t be surprising if your customers have been submitting payments later than usual these last several months. Still, you need to get paid – and on time – because delinquent receivables have a negative impact on your cash flow.
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft.
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