TaxAudit Blog

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

 

IRS Audit

Generally, the IRS has three years from the date the return is filed to conduct an audit. However, there are exceptions to this three-year rule. Read More ›

 
Money, United States Treasury Check, 1040 Tax Form

If you paid off a prior year state or local tax obligation to your state, you can include these payments as a state tax deduction, subject to the $10,000 cap. Read More ›

 
standard deduction or itemized deduction

Most taxpayers are familiar with the terms standard deduction and itemized deductions, but many are unaware of the differences between the two. Read More ›

 
Couple with moving boxes on their heads with happy faces drawn on them

The moving expenses deduction was eliminated for all tax years from 2018 through to 2025 for all taxpayers except those who are members of the Armed Forces. Read More ›

 
Bitcoin Loss

Yes! Losses on bitcoin and other virtual currencies are deductible but be aware that in an audit the IRS can and will disallow any improperly claimed losses. Read More ›

 
irs agent examining a tax return

Besides official IRS examinations, the IRS also conducts other types of tax reviews that are not classified as official audits, and these are far more common. Read More ›

 
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 ›

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 Content may become out of date as tax laws change.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