TaxAudit Blog

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

 

Woman looking at paperwork

The IRS is billed you $4,000 due to a $8,000 capital gain or dividend. You don’t know what the $8,000 is from and believe if inherited it should be tax free. Read More ›

 
3 people eating a meal at a restaurant

Yes, you can deduct your business meals – but there are conditions that must be met. Under normal circumstances, qualifying business meals are 50% deductible. Read More ›

 
Handcuffs laying on a 1040 form

The IRS sends letter 4464C to inform you they have chosen to verify your return accuracy. It's sent after a return has been filed but before a refund is issued. Read More ›

 
Piggy bank and stethoscope on blue background

Medical expenses are deductible, but whether or not you can claim this deduction depends entirely on the amount you spent and the amount you earned. Read More ›

 
Payment Plan

The IRS has established payment programs to allow a personal or business debt to be paid off over an agreed period of time. Here's how to set up a payment plan. Read More ›

 
Clock concept of never ending time

The length of a tax audit depends on many factors and can go on for months or even years. You don't have to face a tax audit alone though - TaxAudit can help! Read More ›

 
Earned Income Credit

Not all IRS letters are bad news, and the CP09 is one of them. The IRS noticed you did not claim the Earned Income Credit and believe you might qualify for it. Read More ›

 
IRS check with money surrounding it and 1040 form

A large tax refund alone will not necessarily generate a tax audit, but if the reason why you received a large refund is questionable the IRS may peek closely. Read More ›

 
Woman Reading Letter

Taxpayers receive an IRS CP503 because they have an unpaid tax debt. This is the 2nd notice the IRS sends taxpayers that they have an outstanding balance due. Read More ›

 
woman helping elderly woman

You can likely deduct your out-of-pocket assisted living expenses on your Form 1040 tax return. But, as always, there are some conditions that have to be met. 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 Content may become out of date as tax laws change.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.