Tax Tips: The Good, Bad and Ugly (But Legal)

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Good: Scrutinize self-employment.

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Do a “meticulous” comb-over if you file a Schedule C as a self-employed worker, says Jamie McLaughlin, a wealth management consultant at J. H. McLaughlin & Co. It’s well-known that audit rates are much higher for self-proprietors. Less understood, McLaughlin says, “Many legitimate business expenses are wasted for lack of good bookkeeping.”

Next: Bad: Dancing with the auditors.

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