Keeping up with ever-changing tax laws can be challenging for individuals and business owners. The IRS continuously refines its systems to detect errors and inconsistencies. Therefore, it's important to understand potential audit triggers — and how to avoid them. While most taxpayers won't face an audit, certain red flags can increase the likelihood of one. Here are eight areas that may draw the IRS's attention.

If you're over 70½ and looking for a tax-smart way to support your favorite causes, qualified charitable distributions from your IRA might be the answer. This strategy lets you donate directly from your IRA to charity, potentially reducing your taxable income while satisfying your required minimum distributions (RMDs) for the year. Here's how this strategy works and how SECURE 2.0 enhanced the benefits.

Retirement planning is essential to ensure you can maintain your lifestyle during your golden years. The good news is you have several retirement savings plans to consider. Here we examine two options: a Roth IRA and a Roth 401(k) plan. This article covers the similarities, the differences and the potential tax consequences of both.

If your insurance company hikes your auto policy rate, don't just pay the bill: Shop around first for a better deal. This article provides several tips for lowering auto insurance premiums. For example, consumers are advised to "bundle" policies and improve their credit, if possible, and to consider taking a safe driving course.

"Neither a borrower nor a lender be," goes the Shakespearean quote. When you take out a loan from your qualified retirement plan, you're both! Borrowing and lending money in this manner comes with tax rules that you must be prepared to follow or risk dire financial consequences. This article asks and answers some critical questions about the tax impact of qualified plan loans.