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Not claiming some business expenses helps??
I discovered that by NOT deducting a few business expenses, I can increase my IRA deduction and also get a slightly higher refund. It sounds too good to be true! Is it? I know eventually I'll have to pay taxes on the IRA, but presumably by then its growth will more than offset that. It's not a lot of difference, but including the effect on my state taxes it seems worthwhile, especially if I can find the sweet spot.
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‎June 4, 2019
12:45 PM