TaxAudit Blog

Keeping you up-to-date on tax issues that may affect your life.

 

small child on swing

Simply stated, child support is not deductible. However, it is worth noting that identifying child support payments may not be so simple. Read More ›

 
Closing Costs

Real estate closing costs can be pesky things. And since you are paying for them, can you at least deduct them from your taxes? Read More ›

 
Tax Deduction written on a sticky-note

Tax deductions and credits serve the same purpose − to reduce the amount of a taxpayer's tax owed. The way that each serves this purpose is different. Read More ›

 
speedometer

In 2019 self-employed taxpayers can deduct their car expenses at the standard rate of 54.5 cents per mile driven for business. However, most employees cannot. Read More ›

 
Tax Debt Relief

Millions of individuals and business owners in America currently have unpaid IRS tax liabilities. Here are a few items to consider for tax debt relief options. Read More ›

 
Tax Refund Check and 1040

You can call the IRS to see if your refund has been flagged for garnishment. Then you can reach out to set up a payment plan − if warranted. Read More ›

 
boy selling lemonade

Yes, kids may have to pay taxes. No matter a person's age, if they have income that exceed certain IRS thresholds, the income should be reported. Read More ›

 
Mortgage sign and keys

In regard to the personal home mortgage interest deduction on the Schedule A, the answer is yes, but only if certain criteria are met. Read More ›

 
stethoscope on top of stack of cash over an Insurance Claims statement

One way to offset the rising costs of health care is by claiming an itemized deduction for qualified medical expenses paid during the year on your income taxes. Read More ›

 
Private Mortgage Insurance Paperwork

The PMI deduction was not permanent. This expiration date was extended twice, eventually to 12/31/17, and any PMI paid after that date is not deductible. Read More ›

 
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.