This new law restructures the IRS by changing its organization, creating a new Oversight Board and mandating a change in its mission statement. A look at filing status This tip also includes the 1998 adjustments for filing requirements, personal exemption limits, and standard deduction amounts for each status. Since the income tax brackets and provisions vary among these five, make sure you use the appropriate status. Avoiding an Audit Getting audited by the Internal Revenue Service really isn't the end of the world, as columnist Dave Barry once calmly observed. All that happens is, you take your financial records to the IRS office and they put you into a tank filled with giant, sti nging leeches.
Many taxpayers are pleasantly surprised to find that they die within hours.
While there has been substantial attention focused on the new Roth IRA, taxpayers need to be aware of rules modified for the traditional IRA as well. If you or your firm are in the market to acquire a company, you'll want to read Buying A Business. It offers practical tips about identifying targets, structuring deals, tax implications of a purchase, and more. Calculating Taxes on Mutual Fund Sales Figuring your tax bill on mutual fund sales is about as fun as going over a waterfall in a canoe. But, if you plan ahead and maintain good records, you can save yourself a bundle come April 15.