TaxAudit Blog

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


Tax Credits

Non-refundable credits can reduce your tax liability to zero. Refundable credits can give you money back if the amount of the credit is more than you owe. Read More ›

four people making a business deal

When it comes to the deductibility of business expenses the answer is likely to be “Yes, No, Maybe So, or Not Now.” Here are a few examples to consider. Read More ›

401k nest egg

401k loans aren't reported on your federal tax return unless you default on them. Then it becomes a distribution and subject to the rules of early withdrawal. Read More ›

Amend spelled out with white blocks

If you need to amend your federal tax return, this is done on Form 1040X. Here are some dos and don'ts when filing an amended tax return. Read More ›

student loans

Yes, you can deduct student loan interest on your tax return if you meet the specific requirements to claim this deduction. The amount you can claim will vary. Read More ›

Yellow house with white fence

Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child. Read More ›

1040 tax return with handcuffs laying on top

Inmates are responsible for filing taxes. While you can certainly help your boyfriend file his taxes, you can’t sign and submit the return on his behalf. Read More ›

Woman working from home at her desk.

As part of the tax reform laws, the home office deduction was eliminated for all tax years from 2018 through to 2025 for taxpayers who are employees. Read More ›

distressed business owner looking at paperwork

The fact is that running your own business increases your chances of being audited by the IRS or your state tax agency. Read More ›

Woman reading letter

A Notice of Deficiency (aka Statutory Notice of Deficiency, Stat Notice, 90-day letter) is the last letter the IRS sends before making its assessment of tax due 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 Content may become out of date as tax laws change.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.