For 2017 taxes, I provide over 50% of my 88-year-old mother's annual income. She is retired with an annual income of approximately $12,000, mostly from Social Security. She does not live with me but owns a home she lives in. Can I deduct her as a dependent?

October 15th, 2024

As a tax professional in Las Vegas, I have a client with significant gambling winnings and losses, documented in a gambling log. I use Intuit Pro Series software and have been told I can report total gambling winnings and losses up to the amount of winnings. I am considering overriding the W2G winnings in the software based on my client's figures. Am I legally and ethically okay in doing so, and what records should I retain?

August 3rd, 2023

I'm using TaxAct to complete my 2017 federal return and need to fill out Form 8863 for educational credits for my son attending a UK university. The university does not have an EIN and cannot provide a 1098-T. I have a letter from the university with the necessary information. My questions are: (1) Will the IRS still provide me a credit if I don't have an EIN for the university? (2) Can I add a note to my return to inform the IRS about the university's lack of an EIN? (3) Is it possible or advisable to attach a PDF copy of the university's letter to verify the information?

February 11th, 2023

If your only income is Social Security, do you have to file income taxes?

June 8th, 2023

How does the Foreign Income Exclusion work for a contractor who worked overseas for 332 days and received payments reported on a 1099-MISC, including reimbursements for expenses? Specifically, how should the income and expenses be reported on Form 2555 and Schedule C, and can the contractor claim deductions for lodging and meals?

April 13th, 2024