The Most Commonly Abused Tax Deductions

Taxpayers interested in maximizing their financial situation look for legitimate ways to reduce their tax burden. They find tax deductions, credits, and other ways to shrink their tax bill and pay as little as possible. That’s why they often consult with a qualified accountant, tax attorney, or other tax professional.  Everyone should pay their share of tax, of course, but no one is required or expected to overpay their taxes. As it turns out, the IRS scrutinizes certain deductions more than others. That’s understandable, because certain types of deductions typically allow for greater tax savings.  In this blog post, we identify and discuss a few of the most commonly abused types of tax deductions.  These are the deductions which are falsely claimed or exaggerated most often by filers. In this post, we give a short overview of how thees deductions operate and why they tend to be frequently abused by taxpayers.   Home…

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