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Rentals are considered to be special passive activities and the amount of loss you can use in any year is limited to $25,000, if your AGI is under $100,000.
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Whether you use your second home for personal or business purposes, the interest you pay on the mortgage may very well be deductible on your tax return.
Dental expenses (if qualifying) can be included on Schedule A, Itemized Deductions - Medical and Dental Expenses, subject to a 7.5% Adjusted Gross Income.
Medical expenses are deductible, but whether or not you can claim this deduction depends entirely on the amount you spent and the amount you earned.
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.
The qualified business income deduction is calculated by taking the income and losses from all your business activities and netting them into one amount.
Insurance policies may cover part of nursing home costs and the unreimbursed expenses can often be deducted on a Form 1040 individual tax return.
For many taxpayers who operate small businesses, the qualified business income deduction can be an excellent way to reduce your income taxes.
You are responsible for paying the taxes on the amount realized in the sale. The buyer is generally not required to withhold income taxes on the proceeds.
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.
If you didn't receive an Economic Impact Payment and meet the requirements, you can still receive the payment when you file your 2020 federal income tax return.
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.
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.
The answer for most states is no. However, 6 states allow some form of this tax break (AL, IA, LA, MO, MT, OR), but only AL, IA, and LA allow a full deduction.
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.
The first thing to do is to check every name and Social Security number listed on the return with what is listed on their Social Security cards.
Not all taxpayers are required to file a federal income tax return. Determining if you have a filing requirement starts by evaluating your gross income.
Returns are being processed, and refunds are being issued. Things seem back to normal.
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.
With the increasing popularity of ridesharing services such as Lyft and Uber, you may be asking yourself, “Can I make extra money doing this?”
What do “Scarface” Capone and a tax audit have to do with each other? Scarface went to prison for - of all things - tax evasion!
My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. How should we report our rental income?
Crowdfunding is a popular way to raise funds for businesses, charities and individuals. It occurs when someone asks others to contribute to their idea or cause.
The Earned Income Tax Credit is available to workers who earn $52,427 or less from wages or self–employment.
In a recent case of tax evasion, Ty Warner, the creator of “Beanie Babies” was hit with $53.6 million in penalties for hiding money offshore.
Here are some simple tips to help you reduce your audit risk: Proofread your tax return A mistake on just one figure or item can present IRS audit flags…
Taxes! Usually, this word creates a strong emotive reaction. We older people tend to not remember the days back when we first filed our very first 1040 EZ.
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