TaxAudit Blog

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

 

Cryptocurrency Coin on 1040 Tax Return

Cryptocurrency is not treated as money for U.S. federal income tax purposes, but rather as property so tax rules that apply to property apply to cryptocurrency. Read More ›

 
Wage Garnishment

The IRS uses an annually updated wage garnishment table to determine how much the taxpayer needs to live on and then the IRS takes the rest. Read More ›

 
Man looking at a letter

If you review the CP12 notice and do not believe it is correct, it is vital to contact the IRS within 60 days of the date on the notice to request an abatement. Read More ›

 
Woman working in her home office

Yes, you can deduct a portion of your home rent for your home office on taxes – but as always , this benefit is only available if certain conditions are met. Read More ›

 
Wooden house with Sold Tag attached

We sold my wife's parents' house. Do we have to pay taxes on it if we put it in a money market account in our name?  It depends on a taxpayer's circumstances. Read More ›

 

A tax audit is a formal examination of an income tax return. The IRS conducts tax audits to ensure the information on a tax return and amount paid is correct. Read More ›

 
Real Estate Professional

Real estate professionals can claim unlimited losses on rental properties they materially participate in but there are many rules involved in qualifying as one. Read More ›

 
House For Rent

If your rental property is incurring losses, those losses may be limited on your taxes based on other income you receive. Let's explore more. Read More ›

 
Amended Tax Return

If the IRS notices that you filed an amended return, will that cause them to inspect your tax return more closely and trigger a full-blown tax audit? Read More ›

 
Woman reading document

The IRS offers a series of payment plan options for those individuals and businesses who need more time to pay their tax debt. 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 Content may become out of date as tax laws change.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.