asked
A grocery store worker banged a cargo cart into my car. The grocery store agreed to pay the damages to my auto body shop. They want me to fill out a W9 form for the money they are paying under Sarbanes-Oxley Law. Am I liable for taxes on this money? What is this law? The check is being made out to the auto body shop and me jointly, which seems unusual.
October 13th, 2024
How many times can you go exempt on your paycheck (meaning no federal taxes are withheld) before having to pay in at the end of the year?
February 18th, 2023
For New York State, if I win a settlement in court (it is a landlord-tenant issue), is that money taxable (either Federal or City/State)?
September 15th, 2023
Can I write off a portion of my clothes as a business deduction, and is there a comprehensive book that lists every tax deduction a business can legally take?
February 5th, 2024
If my father and his wife gift my brother and me a paid-off house worth $360K, how will his gift taxes differ from capital gains taxes? He has never used the unified credit. Will we collectively pay less taxes if he sells the house, pays the capital gains taxes, reduces the gift tax from the unified credit, then gifts us the remaining amount?
December 15th, 2024
I owned a house for 25 years and sold it for $55,000 after incurring significant repair costs due to a flood. Since it was never a rental property and was a personal-owned property, do I have to pay taxes on the $55,000 capital gain?
July 1st, 2024