TaxAudit Blog

Category: Small Business

Football Play

On the IRS’s website is a list of Audit Technique Guides (or ATGs) that IRS examiners use as a roadmap when auditing various types of income tax returns.

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Tax Refund Check and 1040

You can call the IRS to see if your refund has been flagged for garnishment. Then you can reach out to set up a payment plan − if warranted.

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boy selling lemonade

Yes, kids may have to pay taxes. No matter a person's age, if they have income that exceed certain IRS thresholds, the income should be reported.

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Man looking at tax return with magnifying glass

Audit defense is a service offered through TaxAudit to support our members in the event that their state or federal tax return is selected for review or audit.

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Bitcoin Tax

The IRS declared that any cryptocurrency with an equivalent cash value is to be treated as property for tax purposes, and transactions are therefore taxable.

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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.

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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.

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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.

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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.

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Money being handed over

While increasing allowances leaves you with more available funds throughout the year, it will have a rippling effect and your tax refund will decrease.

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Four Ice Cream Cones

So, what happens if you miss an Installment Agreement payment and/or can no longer make the agreed upon payments?

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Ice Cream Sundae

Of all the types of Installment Agreement requests, Streamlined Installment Agreements are the most varied and provide a bit of flexibility for the taxpayer.

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Woman on the phone holding nephew

When more than one person wants to claim a child on their tax return, sorting it out becomes complicated. Not only are there five tests to meet for a child...

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Colorful balls with numbers

Lottery earnings are generally reported on Form W-2G, taxed as ordinary income, and expected to be reported as “other income” on the federal tax return.

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Two bowls of ice cream

This blog post discusses the rules and fees regarding Guaranteed Installment Agreements for taxpayers whose tax debt is $10,000 or less.

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Driver pointing to a smart-phone attached to the windshield

With the increasing popularity of ridesharing services such as Lyft and Uber, you may be asking yourself, “Can I make extra money doing this?”

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$100 bills with magnifying glass and stock price chart

Your company offers you employee stock options. The paperwork says they are Nonqualified Stock Options (NQSO’s). You don’t quite understand what that means...

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Person receiving fast food

The IRS is currently offering this cash payment alternative at participating 7-Eleven stores in 34 states.

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glasses and pen laying on top of tax form

You have three extra days this year to file, as 2015 federal tax returns are not due until April 18th(or April 19th for residents of Maine or Massachusetts).

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Lite Christmas tree on the floating barge

Were you a good tax planner this year? We hope so. January is right around the corner, so let’s make a tax list and check it twice for last minute tax saving...

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Pencil on Monthly Expense Guidelines paper

There are only two months left in the year. What can I do now to avoid paying a big tax liablity on my Schedule C business next year?

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Block with Tax words on it

The letter you hoped would never come arrived. You open it and discover the IRS has graciously sent you an invitation to their work mileage deduction review.

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Couple sitting in chairs relaxing on the beach

You remember you hit the snooze button on preparing your 2014 return in April and filed an extension. As you put the chips and salsa in the car, scenes...

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Pen, calculator, and blocks that spell out TAX on financial papers

I would really appreciate some advice on filing estimated taxes. Please let me know if you provide this service.

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Old orange truck

What is the best option are for getting rid of an old vehicle? Should I donate it for the auto valuation guide value of $ 3,000 or sell it now for $1,500? 

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woman hitting the snooze button on alarm

You may not be feeling the groove just yet. It’s been a long winter, and you are hoping that maybe the deep freeze caused the IRS to forget about you this year.

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Woman

My boyfriend and I have been living together for nine years. Can we file a joint tax return this year? 

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Calculator that says Tax Help? on top of 1040 tax forms

How long does it take to get my refund if I e-filed my taxes? It seems like I should have received it by now.

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man and woman getting married

My wife and I are preparing our taxes, and, due to her employment situation(s) and our investments, we have received a number of 1099s...

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speedometer

I do not a get car allowance for my job in media sales. I do not log a report of my driving but typically I average 20k miles a year due to all the driving...

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Internal Revenue Service building with traffic signal in front displaying a red light

Are you short on cash and don’t have the money to pay your tax bill? The IRS does have a few options for the taxpayer who is cash short at tax time.

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W-2 Wage Statement

 filed my tax return, and then a W-2 came in the mail for a job I worked earlier this year that I had forgotten about. How do I file this? 

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Woman exhausted doing taxes

Are you gathering all your necessary tax documentation now? Great time of year, isn’t it? Ha ha. Preparing your taxes will be a piece of cake...

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bacon

There is some misconception in the words “head of household.” Yes, in the ordinary sense of the term you may be head of household, but when it comes to taxes...

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$100 bill

The holidays have come and gone, footballs are filling the air as bowl games and playoffs are well underway, and it’s time to start thinking about…taxes.

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The Grinch

The holiday season is a time for giving, but if you don’t follow the carefully prescribed rules for charitable giving, the IRS may disallow your deduction.

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Flood

Casualty losses can happen to taxpayers, such as a fire caused by a faulty heater. Do you have copies of your important documents in a safe place? 

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Woman filling out a tax form

When it comes to proving deductions taken on a tax return, the burden of proof is on the taxpayer, according to the Internal Revenue Code (IRC). 

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Dictionary with the focus on the word Taxpayer

If you made an mistake on your taxes or omitted required information, such as a late-received W-2 or K-1, you can file an amended return on Form 1040X.

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Woman filling out a tax form

It’s still not too late to make adjustments to your withholding or estimates to make sure your 2014 taxes will be done correctly and you will not be surprised..

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Ocean

We have been asked to build some basic boxes to be used as a stage for a company. They plan to pay us but are not placing us on their payroll as employees.

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Dice

If you like to gamble, you probably already know that your gambling winnings are considered income, especially if you gamble within the United States.

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Man asleep at desk

Years ago, I was just like most people when it came to taxes. Just the thought of doing my tax return gave me hives. I had been burned twice at tax time...

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boy with glasses thinking

1. Taxes Might Be Your Biggest Expenditure 2. Many Major Life Decisions Have Tax Consequences 3. Knowing About the Latest Tax Breaks Could Save Money 4. Taxes..

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Gavel

Yes, Uncle Sam loves lawsuit settlements just like plaintiffs do. Before you start spending the money, there are some things you need to know.

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Woman in white hat in a swimming pool

I bet you all do not want to even see the word TAX right now! I know what you are doing. Lying in your hammock or lounging by the pool drinking a lemonade.

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Internal Revenue Service building with traffic signal in front displaying a red light

The IRS generally won’t look for you unless you owe them money. If you don’t file for a refund within 3 years of the original due date of the return...

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Rolled up receipt

If you have a dedicated credit card for your business, can you use the statement as the receipt for your business entertainment, meals, travel, etc.?

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drive through window

First job ever? What do you do about those pesky tax forms they gave you at the job? How do you fill them out? Why are they taking all that money out!?

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Clock pointing the time hands towards the word TAX

You got your return filed on time and you’ve got a nice big refund coming. But the funds don’t show up in your bank account when you expected them to. Now what?

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TAX DAY written with blocks

You owe money to the IRS – now what? Don’t faint, don’t freak out, and don’t worry! There are simple ways to take care of that balance due.

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Tax Day and April 15th stamps by stack of papers

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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Money

If you are upset about the national debt, you can make a deductible charitable contribution to the Bureau of the Public Debt to help out.

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Cube with Tax words on written on it

A refund is NOT a bonus and a balance due is NOT a penalty. When you began working, you filled out a W-4 stating how many exemptions you wanted.

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Key in locked box

The fastest way to get your money without paying additional fees is to e-file your return and have the money Direct Deposited to your bank account.

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ipad

As for an individual with a business, it is beneficial to research what is on the market in regards to business accounting software. There are numerous...

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Donation Box full of sweaters

You cleaned out your closets, attic and garage this year and took all of those piles down to your local charity drop-off location. (I bet that felt good.) 

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Woman filling out a tax form

It’s that time of year when taxpayers begin to get massive headaches. If you feel your head pounding, following these simple tips could save you more pain.

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Tax Time written out on a calculator

Have you ever thought about New Year’s Tax Resolutions? What can I do better when it comes to my personal and business taxes?

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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.