As the 2024 tax season officially kicks off, it’s crucial to remember that not all tax-saving strategies are created equal.
Ever wondered about the perks of investing in a Maltese individual retirement arrangement or exploring Puerto Rican captive insurance? These strategies offer unique opportunities for tax savings, particularly for high-income earners and business owners like yourself.
But before rushing into heavily promoted plans, arm yourself with the latest IRS “Dirty Dozen” list.
The Dirty Dozen is a watchlist of tax practices that have drawn attention. In the realm of high-income earners and business owners, it’s essential to navigate these waters carefully to avoid unnecessary scrutiny and potential penalties.
For example, the Employee Retention Credit (ERC) debuted on the list in 2023. While it’s a legitimate tax credit, the IRS keeps a closer eye on it. As long as you qualify and maintain accurate records, there’s no reason to worry.
Remember, claiming anything on the Dirty Dozen list is like waving a red flag at the IRS. It can trigger intrusive audits and substantial penalties if underpaid taxes are found.
With the 2024 tax season officially open, protecting yourself from scams and maximizing your deductions is more important than ever.
Our team of tax professionals can help you navigate this complex landscape and ensure you stay compliant while maximizing your deductions and credits. Get a personalized evaluation of your tax situation to identify potential risks and uncover hidden opportunities for savings.
Don’t wait until April! Schedule your free tax assessment today and navigate the 2024 season with confidence.