If you are required to take minimum distributions from your traditional IRA and are charitably inclined, you might benefit from a qualified charitable distribution (QCD).

Losses due to scams that rely on the victim’s greed are deductible. Losses from scams that count on the victim’s love or desire to help others are not deductible.

When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation.

If you’re making quarterly estimated tax payments, missing a deadline can be costly. The IRS currently charges a 7 percent penalty for underpayments—and since penalties aren’t deductible, the real cost can feel closer to 11 percent. But here’s good news: strategic withholding can often help you avoid or erase those penalties—even late in the year.

If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy.

If your business hires freelance workers—also known as independent contractors—you need to be aware of new laws now in effect in California, Illinois, and New York.