TaxAudit Blog

Tag: tax preparation

Stock Chart

Hello fellow taxpayers. The Wily Tax Blogger is back to kick off 2016 with a new blog about an investment management tool I’ve discovered.

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Four glasses

Part of the return review may include the IRS contacting other third parties in order to validate the information listed on the return.

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Stock Chart

I got a CP2000 notice from the IRS. It says I owe $12,269 for securities I sold in 2013. I purchased the stock in 2005 and sold it at a loss of almost $10,000..

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diamond ring

While I was working out at the gym, someone broke into my locker and stole my diamond ring. It’s my wedding ring and I always take it off before doing...

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Glass globe on financial statements

I’m hoping you are relaxing somewhere with an umbrella drink after tax season. My wife and I are considering installing a solar electrical system on our house..

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1040 Pie Chart

To increase the business offerings at my mailbox rental business, I became a Notary Public this year. So far I made about $1,000 from my notary service.

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Rx bottle that says Affordable Care Act

I received a 1095-A form for health insurance info from the Vermont Health Insurance Exchange/Marketplace after I had already filed my taxes.

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Pen, calculator, and blocks that spell out TAX on financial papers

I would really appreciate some advice on filing estimated taxes. Please let me know if you provide this service.

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inside of church

My husband spends a lot of time printing church service bulletins and other special design and print jobs. Can he deduct the time he works as a volunteer?

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Yellow sign that says Retirement Ahead

You want to save money towards your retirement, but your employer does not offer a retirement plan, such as a 401(k). You are not alone...

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Block with Tax words on it

You have your traditional IRA account invested at your bank but you are not happy with the rate of return. You’ve heard that it’s possible to move your IRA...

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man and woman getting married

My wife and I are preparing our taxes, and, due to her employment situation(s) and our investments, we have received a number of 1099s...

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Internal Revenue Service building with traffic signal in front displaying a red light

Are you short on cash and don’t have the money to pay your tax bill? The IRS does have a few options for the taxpayer who is cash short at tax time.

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bacon

There is some misconception in the words “head of household.” Yes, in the ordinary sense of the term you may be head of household, but when it comes to taxes...

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Hands holding a heart

We loaned our car to a missionary home for a visit and fundraising. Can we deduct the mileage as a charitable contribution?

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Calculator that says Tax Help? on top of 1040 tax forms

A long time ago, before there were tax software programs, before our social welfare programs were written into the Internal Revenue code, and when Federal...

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Dictionary with the focus on the word Taxpayer

If you made an mistake on your taxes or omitted required information, such as a late-received W-2 or K-1, you can file an amended return on Form 1040X.

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Wooden walkway towards beach with palm trees

We live in Florida, and we are thinking about buying a second home in Maine for the summer months. Will we be able to deduct the mortgage interest on our taxes?

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Man asleep at desk

Years ago, I was just like most people when it came to taxes. Just the thought of doing my tax return gave me hives. I had been burned twice at tax time...

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boy with glasses thinking

1. Taxes Might Be Your Biggest Expenditure 2. Many Major Life Decisions Have Tax Consequences 3. Knowing About the Latest Tax Breaks Could Save Money 4. Taxes..

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Application for Health Coverage form

Now that the furor, for the most part, over the Affordable Care Act has subsided a bit, let's take a quick look at the PENALTY for not abiding by this law?

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Supreme Court

This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.

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Retirement Ahead Sign

I would like to know if I need to declare my Roth IRA and traditional IRA accounts on my tax return even if I haven't contributed to them in the last 4 years.

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Woman in white hat in a swimming pool

I bet you all do not want to even see the word TAX right now! I know what you are doing. Lying in your hammock or lounging by the pool drinking a lemonade.

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glasses and pen laying on top of tax form

There are so many ways that taxpayers have tried to do an end run on the tax system that the IRS issues an updated consumer alert each year titled...

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Tax Return Preparer Credentials

All paid tax return preparers are required to have an IRS PTIN (Preparer Tax Identification Number) which they must enter on the tax returns they prepare.

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drive through window

First job ever? What do you do about those pesky tax forms they gave you at the job? How do you fill them out? Why are they taking all that money out!?

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Handcuffs laying on a 1040 form

We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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Homes surrounded by mountains

I bought a house in Arizona in 1996 for $95,000. I did two cash-out refi’s totaling about $30,000 through 2004. I sold the house in 2014 for $165,000, and..

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Crime scene tape and magnifying glass over 1040 tax forms

Every year during awards season, the IRS announces its list of the Top Twelve Scams of the Year, or, The Dirty Dozen. Watch for these scams and report them...

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Woman at the Dentist

I took out a medical loan for $36,000 dollars for full mouth restoration by two dentists due to infections. My insurance only covered $890. Can I deduct it?

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TAX DAY written with blocks

You owe money to the IRS – now what? Don’t faint, don’t freak out, and don’t worry! There are simple ways to take care of that balance due.

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Tax Day and April 15th stamps by stack of papers

The April 15th deadline is approaching. Taxpayers are most likely to make errors on returns when they are rushing to finish their returns before the deadline.

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dog sitting on green chair

I travel for a living and my company knows I have pets. I have to have them kenneled when I am traveling for work.  Can I expense the cost of the kennel stay? 

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TAX spelled out with tiles

They say that happy employees make for happy customers, and at TaxAudit.com those happy employees start with managers like Eric.

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Key in locked box

The fastest way to get your money without paying additional fees is to e-file your return and have the money Direct Deposited to your bank account.

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Family in swimming pool on a raft

I lived with my younger cousins, ages 11 and 4, in 2013 except for about 2 months when I stayed with my father while he was sick. I provided more than...

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Hand holding stack of 100 dollar bills giving it to another hand

In order to qualify for an Earned Income Tax Credit (EITC) of up to $6,044, you must first meet these two qualifications: You must have earned income...

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ipad

As for an individual with a business, it is beneficial to research what is on the market in regards to business accounting software. There are numerous...

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Gold Record

I’m sure you remember when Susan Boyle became an overnight web sensation. Since then, thousands of hopeful musicians, writers, artists, and dancers...

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Woman filling out a tax form

It’s that time of year when taxpayers begin to get massive headaches. If you feel your head pounding, following these simple tips could save you more pain.

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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.