![]() Your first contact will be our Customer Service team, who will verify your information and create a case file for you. Upon receiving a notice from the IRS or state taxing agency, you can call us immediately, and we will step in to help. What is included in the cost of a membership, you might ask? Let me tell you! TaxAudit is not only TurboTax’s sole audit defense partner – we are also the largest audit representation firm in the nation, with over 12 million members and counting! We represent thousands of taxpayers to the IRS and state taxing agencies every year for a nominal membership fee. However, if you have never heard of Audit Defense but are interested in the peace of mind that comes in purchasing a membership with us, please read on! ![]() ![]() If you have filed your tax return with TurboTax previously, you have likely been given the option to purchase audit protection before submitting your return to the IRS. Something to keep in mind is that many of the same rules apply when you purchase TurboTax’s audit defense! Here at TaxAudit, we partner with TurboTax to provide world-class audit defense to taxpayers all over the country. Similar rules apply when a taxpayer has a farm and files a Schedule F, or owns a rental and files a Schedule E, as they can deduct a portion of the cost of TurboTax on their tax return. On the other hand, if a taxpayer has a sole proprietorship and reports their business income and expenses on Schedule C, they may claim a prorated amount of tax preparation fees as a business expense. So technically, yes, this purchase is deductible – just not until the year 2026 or until the law changes, whichever comes first. However, because of the Tax Cuts & Jobs Act of 2017, miscellaneous itemized deductions that are subject to limitations are not deductible for tax years 2018 through 2025. Generally, for individual taxpayers who do not own a business, tax preparation fees can be claimed as a miscellaneous itemized deduction (subject to limitations). If you are one of the millions of taxpayers all over the country who use TurboTax to file their tax returns every year, you may have wondered: Can I deduct my TurboTax purchase on my tax return? In short, the answer is: it depends!
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |