I have an employee aesthetician. We pay her 5% of sales every quarter. I give her company checks. The employee indicated she has never received a 1099. I have paid for the 1st, 2nd, and 3rd quarters of 2022. How will I report this? What is the best way? (Texas)

May 5th, 2024

What happens to my 401k when I leave my job? I took out a loan from my 401k to put a down payment on my home a few years ago. Will I still be able to borrow from it for home improvement funds if I'm not employed with the company anymore?

September 30th, 2023

I travel for work and am paid a travel tax-free stipend. How many months of the year does my primary residence need to be vacant to qualify as duplicate housing costs so that I don’t lose the tax exemption? As much detail as possible about this process would be very helpful and much appreciated!

December 28th, 2023

What forms and specific steps should be used to ensure a client with an AGI of $9910, two dependent children, and two small businesses reporting losses gets the maximum refund on their tax return?

December 31st, 2023

I received a notice from the IRS proposing changes to my 2021 Form 1040 tax return, indicating an additional amount owed of $3,058. The notice states that there are discrepancies between the IRS records and what I filed, specifically regarding the reported income on lines 15, 16, and 24 of Form 1040. The IRS corrected my reported income on line 15 from $41,380 to $55,285, and on line 16 from $4,851 to $7,909, resulting in a difference of $3,058. Additionally, the IRS mentioned that I did not show any deductions, and they corrected this by adding $13,905 to my income. I am unsure why these corrections were made and how to proceed with resolving this issue.

June 20th, 2024