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Education Tax Benefits

Joe’s dependent daughter, Leah, is a sophomore in college. Leah’s scholarships cover all of her qualified education expenses, and they are tax-free. When Joe filed his taxes this year, he skipped over the part about education credits because logic told him, “You can’t get an education tax credit for something you didn’t pay for.” But…

Healthcare

The end of 2015 left my wallet as clear as my mind as I spent the year living as a traveling poet and yoga enthusiast. Counted together, the income from my odd jobs was below my filing requirement. It looked like I would not need to reach out and touch Uncle Sam this year. Ah,…

Homes & Rental Property

Hey Dave, My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. We are planning to continue to rent the place out to the tenant who is already living there. Since we are not married, how should we report our rental income and expenses on our…

Is It Deductible?

Hey Dave, I spent 30K on a new roof last winter after my old one collapsed under 100 inches of snow. I’m planning to sell it in a few years and move to a warmer climate.  Where do I report the cost of the roof on my taxes? Dominick   Dominick, In general, the cost…

Retirement Plans

Hello fellow taxpayers. The Wily Tax Blogger is back to kick off 2016 with a new blog about an investment management tool I’ve discovered. Many of us make New Year’s resolutions about building wealth and being smart with our money, so I thought I would share this personal story about finance, retirement, tax loss harvesting,…

Tax Audits & Letters

Hugh Grant, Elvis and an IRS representative are gathered in my living room. The IRS representative pours a round of Blu-tinis. Just as Hugh Grant offers me a Blu-tini, the IRS representative pulls back his hand and exclaims, “No punch for you!” Cold sweats jolt me straight out of slumber as Elvis begins to hum…

Tax Evasion, Scams & Fraud

There are a number of tax scams out there that can get you into big trouble. But tax nightmares aren’t just for scammers. They can happen to people who make seemingly innocent mistakes, and even to those who believe they are doing the right thing. This is a story about a taxpayer – let’s call…

Tax Legislation & Updates

There is a lot of talk today in the press and on the campaign trail about corporate taxes. Where America stacks up in the world as far as corporate tax rates and what strategies American companies employ to avoid them is big news these days. Why? Well… our national deficit is absolutely astounding, for one.…

Tax Preparation & Planning

You are a weekend warrior. Whether weeding the lawn, paying Balderdash with the neighbors or binge watching Judge Judy, you live your life with gusto. So, why are you letting your unfinished 2015 tax return keep you from to venturing near your laptop? Don’t let those extension blues follow you this summer! Now is the…

Tax Professionals

This installment of Know Your Pro will introduce you to a different kind of Pro here at TaxAudit.com. With in-depth knowledge of all the services we offer, and their daily communications with our members, Membership Services Reps − or “MSR’s” as we call them − are uniquely qualified professionals. They may not be able to…

Tax Q & A

Hey Dave, If my ex-wife lives with me and I provided more than half of her financial support will I be considered single status or head of household? Moe Moe, The answer to this question provides a good illustration of how the tax code can be a bit confusing. In short, an ex-spouse does not…