Robert W. Wood

The Cohan rule allows taxpayers to prove by “other credible evidence” that they actually incurred deductible expenses. Of course, this is a tough way to prove expenses.

Concept image for filing federal income taxes online and being audited. Computer keyboard, ... [+] calculator and pen are placed on income tax form 1040.

If this article makes you realize you forgot to report your crypto gains in past years, consider amending it to fix it. Don’t wait for the IRS to find you.

Tax Return form 1040 with USA America flag and dollar banknote, U.S. Individual Income.

A stock photo of a Red Audit stamp on a 1040 US individual income tax return. Photographed at 50mp ... [+] with the Canon EOS 5DSR and the 100mm 2.8 L lens.

Money buys silence. Woman's mouth covered with dollar bill. Corruption and freedom of speech ... [+] concept.

For some, the long term capital gain tax could nearly double to 39.6%. In fact, it is possible that it could go even higher, as high as 44.6% for some taxpayers.

Concept image for filing federal income taxes online and being audited. Computer keyboard, ... [+] calculator and pen are placed on income tax form 1040.

Hands holding documents with title capital gains tax CGT. President Joe Biden floated a bevy of tax increase proposals as part of the

The big benefit of charitable contributions in kind is claiming the fair market value of the property, and not having to pay capital gain tax on all the appreciation.