TaxAudit Blog

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

 

Tax Returns, plant, and $100 bills laying on a desk

What happens if your spouse overstated the deductions claimed on the return or substantially understated the income?  Are you still liable for the tax due? Read More ›

 
wedding cake split with man on one side and woman on the other

Alimony payments may indeed be tax deductible if the divorce or separation instrument under which they are made was executed prior to 2019. Read More ›

 
Double Taxation written on notepad

Most states that have income taxes offer a credit for taxes paid to another state on the same income, although how that credit is calculated is not identical. Read More ›

 
File Cabinet with Documents

IRS notice CP05A is sent by the IRS to inform taxpayers that they need more information about the submitted income tax return before a tax refund can be issued. Read More ›

 
Father and son baking cookies

You received an IRS CP87A because someone else filed a tax return and claimed the same dependent or qualifying child that you claimed on your tax return. Read More ›

 
Man worried about money

Per the collection statute expiration date, the IRS generally has 10 years from the date they assess your tax balance to collect taxes owed. Read More ›

 
Pennsylvania Flag on a pile of money

The PA Dept of Revenue expects you to make PA Estimated Tax payments if you make more than $9,500 of taxable income that has not had taxes withheld from it. Read More ›

 
toy car next to 3 small houses and stacks of quarters

When you give assets to family members, they are subject to the gift tax exclusion amount, currently $17,000 per year. If your gift exceeds this amount... Read More ›

 
Tax Penalty

If you can show that there was “reasonable” cause for the understatement or for failure to file or pay on time, you may be able to get those penalties abated. Read More ›

 
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. Read More ›

 

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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 Content may become out of date as tax laws change.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.