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pstrongSo your friend was in a pinch and you thought they’d be good for it and they weren’t. It’s not all bad; you can lower your taxable income as a result./strong/p pMaybe you loaned money to a friend to help with a struggling situation. But now it’s beginning to look like you are never getting paid back./p

pstrongMany businesses regularly overlook 3 common mistakes that wind up costing them dearly and obstructing their path to a successful venture./strong/p

pstrongHow does the government shutdown impact the IRS?/strong/p pThe 16-day government shutdown came at a pivotal time for the IRS as they were prepping their complex systems for the 2014 tax season. Only 10% of IRS were open during the government shutdown. This put the IRS behind by almost 3 weeks./p

pstrongBundle expenses for itemized deductions./strong/p pWill your itemized deductions for 2013 be right around the standard reduction amount? If so, you can bundle expenses for every other year and claim the standard deduction in the in between years. Over two years, this will significantly cut how much income you’re taxed on./p

pstrongDeferring income could lower your taxes!/strong/p

pDid you know anyone paid for babysitting has to report that income to the IRS? Or let’s say you and a neighbor want to trade cars, you’ll still have to pay taxes on what the fair market value of the car you bartered. But not all income is taxable. Here are some examples of income you don’t have to pay taxes on:/p ul

pCollege tuition is rising. In fact, it has risen in costs 500% since 1985! It is outpacing inflation by 121%. Not only is it outpacing inflation but it has eclipsed rising healthcare costs by 286%! Yikes!/ppThe average student goes in debt for about $20,000 and 8% of students have a loan of $40,000 or more.

pLooking for a new job isn't actually ‘taxing' after all. Did you know that you can deduct costs related to your job when you file? All the things like paying for LinkedIn Premium, hiring a recruiter and good ol' printing and mailing resumes can add up./p pHere's a list of common deductions you can take:/p ul

pIf you are starting a new business it's important you start out on the right foot with the IRS./p pYou'll want to make sure you correctly identify how you will classify your business for tax purposes. Not correctly choosing the right one can leave you vulnerable to tax penalties and liable for damages caused by your business./p

pstrongDeal with it now!/strong/p pIf you've received a notice or letter from the IRS, it’s best to deal with it right away. The more letters they send out the harder they are to deal with./p pstrongDon't Panic./strong/p