TaxAudit Blog

Tag: tax return

Amended Return written on a notepad

In most circumstances, you must file an amended return within 3 years from the date you filed your original return or 2 years from the date you paid the tax.

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Man thinking

An amended IRS tax return refund can take in the region of 20 weeks to receive. The Where’s My Amended Return? Tool allows taxpayers to check the status.

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File Tax Return! written on a sticky-note

A CP518 notice is issued by the IRS to taxpayers because they have no record of a tax return being filed for the year listed on the notice.

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Amended Return written with man at computer and sheets of paper of graphs on them

Tax law does not allow us to claim last year’s expenses on this year’s return, but does allow us to amend our returns to include missing deductions.

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Amended Tax Return

Making sure your tax return is correct, even if that means amending your return, is better than having an incorrect return and hoping the IRS doesn’t notice!

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Amended Tax Return

If the IRS notices that you filed an amended return, will that cause them to inspect your tax return more closely and trigger a full-blown tax audit?

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Amended Tax Return on a keyboard button

Generally, amending an already filed tax return will not extend the time the IRS has to audit the return, which is normally three years.

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Boy standing in front of chalkboard with a finger on his chin

The first thing to do is to check every name and Social Security number listed on the return with what is listed on their Social Security cards.

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Tax Filing

Not all taxpayers are required to file a federal income tax return. Determining if you have a filing requirement starts by evaluating your gross income.

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glasses and pen laying on top of tax form

You have three extra days this year to file, as 2015 federal tax returns are not due until April 18th (or April 19th for residents of Maine or Massachusetts).

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Four glasses

The correspondence at the focus of my holiday lament is IRS Letter 4464C, otherwise known as the <em>Questionable Refund 3<sup>rd</sup> Party Notification</em>.

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Pencil on Monthly Expense Guidelines paper

There are only two months left in the year. What can I do now to avoid paying a big tax liablity on my Schedule C business next year?

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Crime scene tape and magnifying glass over 1040 tax forms

Tax nightmares aren’t just for scammers. They can happen to people who make innocent mistakes, and even to those who believe they are doing the right thing.

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hat

What do “Scarface” Capone and a tax audit have to do with each other? Scarface went to prison for - of all things - tax evasion!

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Woman

I do PR in the Bay Area. My hairstylist says I can deduct my entire salon bill on my taxes because it helps me look good at events. Is this correct?

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path going through forest

I want to donate to my favorite politician’s 2016 campaign for our state’s House of Representatives. Are there limits to how much I can deduct?

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1040 Pie Chart

Should I include notary feeds on my tax return? 

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house on top of a green hill

My wife and I bought a townhouse in 2014. What tax deductions can we take?

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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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Dress Shirts

I use suits for work, and the dry cleaning expense is substantial. I don't use the suits outside of work. Can I deduct the dry cleaning as a business expense?

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Block with Tax words on it

My husband passed in February of this 2104. We have always filed a joint return. What do I need to do this year?

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Flood

Casualty losses can happen to taxpayers, such as a fire caused by a faulty heater. Do you have copies of your important documents in a safe place? 

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Woman filling out a tax form

When it comes to proving deductions taken on a tax return, the burden of proof is on the taxpayer, according to the Internal Revenue Code (IRC). 

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Spoon full of vitamins

I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.

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Woman filling out a tax form

It’s still not too late to make adjustments to your withholding or estimates to make sure your 2014 taxes will be done correctly and you will not be surprised..

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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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houses

My personal residence cost basis is higher than the expected sale price. Is there a way to get a tax benefit from a loss on this property?

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3 Armed Forces Members

If you are a member of the U.S. Armed Forces, there are tax breaks written just for you. Merchant Mariners and American Red Cross employees do not qualify...

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Handcuffs laying on a 1040 form

My son was arrested in December of 2012 and spent the entire year of 2013 in jail awaiting trial. During that year I paid his attorney fees, car payments...

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church

Is there a tax benefit to making a charitable contribution to my church directly from my IRA rather than writing a check and deducting it from my tax return? 

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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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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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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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Money

If you are upset about the national debt, you can make a deductible charitable contribution to the Bureau of the Public Debt to help out.

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Man and Woman riding in a red car

I use my car in my business. How much of it is tax deductible, and what type of travel is deductible? Are my trips going back and forth to work deductible?

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Cube with Tax words on written on it

A refund is NOT a bonus and a balance due is NOT a penalty. When you began working, you filled out a W-4 stating how many exemptions you wanted.

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Calculator and Stethoscope

Feeling sick? Broke a foot? Broke a tooth? Kids in braces? Are these deductible on your taxes? Well – maybe. Medical, dental, and even alternative health care..

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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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Silhouette of Micheal Jackson

Michael Jackson stirs up many good memories for me. I mean he is the Elvis of my generation. I vividly remember getting his Thriller record for Christmas...

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Money wrapped in a bow

Our adult Sunday School class had a Christmas project of supplying Christmas clothes and toys for a needy family with several children and a disabled father. 

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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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Tips

Here are some simple tips to help you reduce your audit risk: Proofread your tax return A mistake on just one figure or item can present IRS audit flags…

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1040EZ

Taxes! Usually, this word creates a strong emotive reaction. We older people tend to not remember the days back when we first filed our very first 1040 EZ.

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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.