TaxAudit Blog

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

 

Paperwork, calculator, and box that says PAYROLL

Let's talk about small businesses and one of the most common tax issues they face: making sure their payroll tax is taken care of timely and properly. Read More ›

 
student loans written in a notebook

If you have qualified student loan interest, you may be able to take a tax deduction for a portion of what you paid on your federal income tax return. Read More ›

 
Blue Paper Life Insurance Umbrella Over a Yellow Paper People Family

In this article we will discuss some key issues related to whether life insurance is tax deductible and a few potential tax benefits of life insurance. Read More ›

 
Tax Levy written on Yellow Paper

<meta charset="UTF-8" />A levy is when the IRS is permitted to garnish someone’s wages, bank accounts, property (such as a house or car), investments, etc. to satisfy a tax debt. Read More ›

 
Massachusetts flag next to money

If you find yourself in need of making estimated payments, I hope this guide is just what you need to tackle paying them in the Commonwealth of Massachusetts. Read More ›

 
Person looking at an empty wallet with debt paperwork in background on the desk

Currently Not Collectible (CNC) is when the IRS determines that you are financially unable to pay the tax debt that you owe, so they put your debt on hold. Read More ›

 
NonRefundable Tax Credit

A nonrefundable tax credit lowers your tax liability but not below zero. Therefore, a nonrefundable tax credit cannot be used to create a tax refund. Read More ›

 
Beneficial Owner

What is beneficial ownership information reporting? If you aren’t certain whether it applies to you, this blog may help clarify the reporting requirement. Read More ›

 
Eraser on chalkboard erasing the word Debt

Whether you can settle your tax debt through an offer in compromise will depend on what the IRS deems is your collection potential, or ability to pay. Read More ›

 
Financial Penalty written on wooden blocks

Penalty abatement is the process of requesting the IRS remove penalties (this is called abatement). You need to demonstrate that there is a "reasonable" cause. 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.