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Len Penzo dot Com

The offbeat personal finance blog for responsible people.

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5 Red Flags That Your Accountant Isn’t Right for You

By Enero Febrero

An accountant is meant to help smoothly guide you through your personal or professional financial journey. They’ll gather financial documentation, prepare you for tax filing, and ensure that you’re compliant with all tax laws. A good accountant will ...

Continue reading 5 Red Flags That Your Accountant Isn’t Right for You

Leave a Comment June 16, 2025

How to Reduce Tax Filing Fees: Expert Tips for Affordable Tax Prep

By Tex Freitag

Filing taxes can be a real headache, and it often comes with a hefty price tag. But it doesn't have to break the bank. Whether you're a DIY tax filer or someone considering professional help, there are plenty of ways to reduce tax filing fees. From ...

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2 Comments May 28, 2025

Is Mortgage Interest Tax Deductible?

By Len Penzo

Is mortgage interest tax deductible? The short answer is "yes!" Homeowners who choose to itemize can deduct interest from their income taxes on as much as $750,000 in mortgage debt and up to the same amount of home equity loan debt on a primary ...

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February 20, 2025

10 More Financial Old Wives’ Tales Masquerading As Rules of Thumb

By Len Penzo

There are people out there who swear that if you're lucky enough to see the first flower of springtime on a Friday, it's a sign of impending wealth. I know. I don't buy it either. Still, let's assume these folks know what they're talking about; ...

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October 21, 2024

Tax Prep Expert Options: Which One Is Right for You?

By Sabado Domingo

It may be summertime, but doesn't it feel like the income tax filing deadline is always just around the corner? Complicating matters is the fact that there are many tax prep expert options available to us. When choosing the right professional to ...

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August 25, 2024

The Ultimate Guide to Tax Resolution: What You Need to Know

By Tex Freitag

Tax issues can be overwhelming and stressful, but understanding tax resolution can help you confidently navigate these challenges. Whether you're facing back taxes, audits, or other tax-related problems, solutions are available to help you get back ...

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July 3, 2024

4 Important Small Business Tax Tips

By Enero Febrero

Decisions about your business tax return can have a huge impact on your company profit. If you do some planning, you can reduce the amount of taxes you need to pay. Planning also helps you avoid any penalties and interest on your tax return. Use ...

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June 11, 2024

Why Inflation Is Taxation Without Representation

By Len Penzo

Inflation is a tax that doesn't require legislative approval. In other words, inflation is taxation without representation. Let's look at an example. Assume your savings account earns a very modest 3% interest. Whether that interest is taxed at 100% ...

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April 4, 2024

Don’t Feel Guilty: Getting a Tax Refund Is OK

By Len Penzo

Getting a tax refund is OK, right? Well ... from a financial perspective, there's no doubt that it's better to maximize the withholding exemptions on your W-4 form. Why? Because the resulting additional take-home pay can be invested or placed in an ...

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March 21, 2024

9 Crazy Tax Deductions That the IRS Actually Accepted

By Len Penzo

Uncle Sam has bills to pay, which is why, with Tax Day just around the corner, millions of Americans are carefully sifting through their accounts in order to see what they can deduct as a legitimate expense at the last minute. Of course, most ...

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March 11, 2024

My 13-Year-Old Daughter Shares Her Financial Fears

By Lenina Penzo

I'm only 13 and I'm worrying about my future. Not in an academic kind of way, but in a financial one. Yes, kids have financial fears too! That's because there are certain things that terrify me about growing up and living on my own. Here is a list of ...

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September 25, 2023

Tips for Maximizing Your Investment Returns

By Sabado Domingo

If you're looking for tips on maximizing your investment returns, it's important to understand that being a savvy investor these days is not nearly enough. You also have to be sure you're investing in the most tax-efficient manner possible. A recent ...

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August 2, 2023

Top and Bottom US Federal Income Tax Rates Since 1913

By Len Penzo

And you thought tax rates on regular income were outrageous today. Consider how high the top and bottom income tax rates for both were 80 years ago. Yikes! In 1944 and 1945, taxpayers handed over 94% of their hard-earned income to the federal ...

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June 28, 2023

9 Affordable Trips You Can Pay for with Your Tax Refund

By Mikey Rox

Many Americans are up in arms about reduced tax refunds this year -- hopefully, you're not on the short end of that stick -- but all is not lost. You can still get away on budgets with affordable trips that range from small to a little more generous. ...

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April 18, 2023

5 Simple Reasons Why You Always Owe Taxes (and How to Change It)

By Sabado Domingo

Nobody loves a surprise tax bill. Even worse is owing the IRS every year, despite making changes to your withholdings. If that sounds familiar, you'll be interested to know about the five most common reasons you always owe taxes -- and the steps ...

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March 24, 2023

Comparing the Flat Tax, Fair Tax, and Progressive Tax Systems

By Anum Yoon

If you dread filing your taxes every year, it's good to know there are multiple taxation systems besides the current progressive one here in the United States. So if you've heard the terms "flat tax" or "Fair Tax" then you may be wondering what they ...

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March 21, 2023

What is the ‘Pink Tax’?

By Anum Yoon

Ladies: Watch out for the Pink Tax. What is the pink tax? You probably won't see any news about it in the papers, as it's nothing Congress has passed or proposed. If you're a woman, though, chances are you've experienced it or maybe even noticed it ...

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February 21, 2023

Wondering How to Teach Your Kids About Taxes? Consider the ‘Parent Tax’

By Lance Cothern

Paying taxes is something your kids will have to deal with as adults. So why wait to teach your kids about taxation and earning money until after they get their first job? You shouldn't. Teach your kids by charging them the "Parent Tax." The Parent ...

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February 14, 2023

What Is an IRS Offer in Compromise?

By Sabado Domingo

Are you facing a mountain of unpaid tax debts? If so, you might consider working with a tax attorney to apply for an offer in compromise (OIC) with the IRS. This tax settlement option allows debt holders and the IRS to agree on a manageable ...

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February 7, 2023

Lessons In Tax Law: Why You Should Never Try To Bribe The IRS

By Corazon Gritar

It's no secret that Americans hate taxes. In fact, pretty much all people from all places would prefer not to pay their taxes. There are even stories from the bible about how much Jesus' peers hated tax collectors. Since the creation of the IRS, ...

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January 31, 2023

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