FAQ
Education Expenses IRS Tax Credits and Deductions
If you, or those that claimed you as a dependent, incurred education-related expenses during the year, or for education that is scheduled to start within the first three months of the following year, those expenses may qualify as a deduction or credit. Eligible filers, including students and parents, may be able to take advantage of tax credits and deductions if they paid education expenses, even if the expenses were paid with a student loan. Learn more about how Education Tax Credits and Deductions can reduce your tax liability.
IRS Rules and Benefits of Individual Retirement Accounts (IRAs)
There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.
IRS Rules for Claiming a Dependent
There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.
How to Prepare for an IRS Tax Audit
There are three types of IRS tax audits - a Correspondence (Mail) Audit, Office Examination Audit, and a Field Audit. The IRS will notify an individual or business by mail or telephone if they are selected for an audit. Note that being selected for an audit doesn't necessarily mean that there is an issue with your tax return submission. Learn more about tax audits and representation to the IRS in the event of being audited.
Choosing the Right Tax Filing Status
Tax filing status has a significant impact on your eligibility for deductions, as well as what you owe for federal and state taxes, so it is imperative that the correct status is selected when filing. Currently, there are five tax filing status options, and in certain situations, you may qualify for multiple statuses. Learn about the different tax filing statuses as well as status requirements and deductions.
Tax Reporting Requirements and Deductions for Rental Properties
Owning an investment property can be a great way to boost your financial security and work toward financial independence. However, rental property taxes can complicate your tax return. Learn about considerations for rental property owners when reporting income and expenses associated with rental properties.