TaxAudit Blog

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

 

New Jersey flag over cash

If you estimate that you will owe more than $400 in New Jersey income tax at the end of the year, you are required to make estimated payments. Read More ›

 
Audit Compass

IRS Letter 525 is sent to let you know that your tax return was reviewed. A wise taxpayer should proceed with caution, yet swiftly, from this point forward. Read More ›

 
Cash and coins spread out on a table

Both a tax deduction and a tax credit reduce the amount you may owe on your return, and possibly increase your refund. But how they get there is different. Read More ›

 
Two model houses and stacks of money

An IRS levy is the actual seizure of property you own. An IRS lien is a public document that notifies any creditors that the IRS has a right to your property. Read More ›

 
Father holding tax refund check with his two girls

A CP08 is to let taxpayers know that they may qualify for the Additional Child Tax Credit and, in turn, could be eligible to receive a refund. Read More ›

 
State of Colorado flag with a pile of money in front of it

You received a letter from the State of Colorado stating you do not qualify for a state sales tax refund because your return was filed after the deadline. Read More ›

 
Woman Reading Letter

The IRS has issued a CP11A notice because they believe there was a miscalculation on your tax return for the year in question and made changes to reflect this. Read More ›

 
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 ›

 

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 Content may become out of date as tax laws change.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