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Accounting && Auditing

Does the IRS Know If You Bought a House?

Purchasing a home is a significant financial milestone, and it’s natural to wonder if the Internal Revenue Service (IRS) is aware of your real estate transactions. Understanding the IRS’s knowledge of your home purchases can help you plan your finances and avoid potential tax-related issues. IRS Knowledge of Home Purchases The IRS does not automatically … Read more

How Much Does an IRS Audit Cost?

An IRS audit can be a stressful and costly experience. The cost of an audit can vary depending on several factors, including the complexity of your case, the experience of your representative, and your location. Factors Affecting Audit Costs Complexity of the Case: The more complex your tax return, the more time and effort will … Read more

Can You Write Off Food on a 1099? A Comprehensive Guide to the Business Meals Deduction

As a 1099 contractor or self-employed individual, understanding the tax implications of your expenses is crucial for maximizing your deductions and minimizing your tax liability. One common question that arises is whether you can write off food on a 1099. This guide will delve into the intricacies of the business meals deduction, providing you with … Read more

What to Do When You Have Income but No 1099: A Comprehensive Guide to Reporting Self-Employment Income

As a self-employed individual or 1099 contractor, understanding your tax obligations is crucial. One common question that arises is what to do if you have income but no 1099 form. This guide will provide a comprehensive overview of the steps you need to take to report your income accurately and avoid potential tax penalties. Understanding … Read more

Can You Write Off Prescriptions? A Comprehensive Guide to Medical Expense Deductions

Navigating the complexities of tax deductions can be daunting, especially when it comes to medical expenses. This comprehensive guide will delve into the intricacies of medical expense deductions, focusing specifically on prescription medications. By analyzing authoritative sources from the IRS and Investopedia, we will provide a clear understanding of what qualifies as a deductible medical … Read more

Can the IRS Seize Inherited Property?

Yes, the IRS can seize inherited property for unpaid taxes. However, they must follow specific procedures before doing so. What is the IRS Seizure Process? Notice of Intent to Levy: The IRS will send a “Notice of Intent to Levy” to the taxpayer, informing them of their tax debt and the potential seizure of assets. … Read more

Check Your Acknowledgement Record

How Do I Know If My Taxes Were Filed Correctly? Filing taxes can be a daunting task, and it’s natural to worry whether or not you’ve done everything correctly. Here are a few ways to check if your taxes were filed correctly: When you e-file your taxes, the IRS will send you an Acknowledgement Record. … Read more