TaxAudit Blog

How do I write off solar panels for rental properties when I claim as a real state professional to run a rental business?

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With all the required tuition, books, and fees for college students, not to mention the cost of room and board - what education expenses are tax deductible?

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IRS CP06A notice asks you to verify the Premium Tax Credit you claimed on your tax return with documentation. How should you properly respond to this notice?

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The short answer is yes, you can deduct education expenses for your dependents, but some limitations and qualifications must be met. Let's explore more.

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IRS CP80 notice explains you have a credit on your account for the tax year in question but have not filed a return. The credit will apply to any amount due.

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Yes, you can indeed receive a tax benefit for installing new energy efficient windows on your house – provided that certain conditions are met.

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To claim a dependent on your tax return (and all the credits that come with that dependent), your child must meet a set of requirements.

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Not all IRS letters are bad news, and the CP09 is one of them. The IRS noticed you did not claim the Earned Income Credit and believe you might qualify for it.

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Yes, you can deduct interest on your business and personal credit cards to the extent that the interest relates to business expenses. Let's explore more.

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You’d like to know if you can file an amended tax return to claim the Recovery Rebate Credit if you did not receive the economic stimulus payment.

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The 2021 expense limit for this credit is $8,000 for one qualifying child, and $16,000 for two or more qualifying children. The credit is a % of those expenses.

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Now that you have your Letter 6475, what should you do with it? The letter will inform you of the amount that the IRS paid to you for the third EIP payment.

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To claim a child for this credit, the child has to meet several tests. Biology isn’t a disqualifier in claiming dependents, but other factors must be met.

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The IRS will issue Letter 6419 to provide the total amount of advance credit that was paid to the taxpayer -  keep this letter for your 2021 tax return!

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There are hundreds of different types of letters and notices you can receive from the IRS. Let's focus on a few of the more common IRS notice types we see.

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There are several different tax breaks available for solar panels used either in the home or in a business. Let’s look at a couple of examples.

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If I haven't worked in a couple of years and didn't file taxes or get the first stimulus check, then where do I start or how do I file?

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When you purchase Audit Defense from TaxAudit, you’re purchasing more than just assistance with your IRS or state notice. You are choosing peace of mind.

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The cost of baby formula for your own infant is generally not considered something you can write off on your taxes. However, there are exceptions.

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A tax deduction for qualified tuition expenses has generally been available for many years. However, it has never been a permanent part of the tax code.

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Credit card interest for personal expenses is generally not deductible. However, credit card interest connected to trade or business expenses can be deductible.

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The IRS has published a “Dirty Dozen” list to warn taxpayers to beware of joining the thousands of people who lose millions of dollars to scammers each year.

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Paying for college tuition is an expensive endeavor. Fortunately for those who qualify, there are some tax breaks available.

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Tax deductions and credits serve the same purpose − to reduce the amount of a taxpayer's tax owed. The way that each serves this purpose is different.

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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.

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Returns are being processed, and refunds are being issued. Things seem back to normal.

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For the American Opportunity Credit, a student is required to be in pursuit of a degree or recognized education credential and be enrolled at least half-time

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This may seem like a strange question, but with over 1.1 billion dollars of unclaimed money at stake, it's a question worth asking.

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The Child and Dependent Care Credit is available to help offset some expenses of childcare or daycare costs.

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Are Education Tax Credits Available When the Education Expenses are Covered by a Scholarship or Grant?

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We wanted to let you know that, yes, there are some tax benefits to hitting the books.

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My wife made a $5,000 contribution to her IRA in last year. Through using TurboTax, we learned that we don't have the earned income to support a deduction...

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I am a policy and procedure writer for a company. Due to my long commute, my boss lets me work from home one day a week. Can I write off my home office?

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The Earned Income Tax Credit is available to workers who earn $52,427 or less from wages or self–employment.

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If you have started a family, you know there are many things to take into consideration, including planning for your child’s education. 

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We had solar put on our house this year. Is it tax deductible? A tax credit is available for qualified solar electric property costs and qualified solar water..

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I have a daughter who is eligible for the American Opportunity Tax Credit of $2,500.00. Can she also use the Lifetime Educational Tax Credit of $4,000.00?

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We adopted our grandson three years ago - he is now a freshman in high school. When he goes to college, will his tuition be tax deductible? 

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We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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I have a good friend who owns two rental homes here in California. The tales he tells regarding these “assets” are not for the faint of heart.

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Is there a tax benefit to making a charitable contribution to my church directly from my IRA rather than writing a check and deducting it from my tax return? 

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Continuing on with Scams 8-12, let’s look at the third set of scams in The Dirty Dozen. False Income, Expenses or Exemptions: Another set of scams...

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The April 15th deadline is approaching. Taxpayers are most likely to make errors on returns when they are rushing to finish their returns before the deadline.

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In order to qualify for an Earned Income Tax Credit (EITC) of up to $6,044, you must first meet these two qualifications: You must have earned income...

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