We sold an investment property in September 2017, and the title company did not withhold 9 months of real estate property taxes as instructed. They have requested that amount to be paid now in 2018. Will that amount affect our capital gains? In other words, will we have to pay capital gains tax on that amount?

October 21st, 2024

If my sole proprietorship makes $50,000 net income, how much can I contribute to my solo 401k? What are the maximum employee and employer contribution amounts, and where would these contributions be deducted on form 1040?

July 2nd, 2023

I am on H1B status and made a passive investment in an LLC. I would like to know the proper procedure to file my individual tax return with a K-1 from the business, specifically regarding how to report passive income or loss on Part II, Line 28 of Form 1040. What is the correct way to file?

March 25th, 2023

I have a W-2 from my employer and a 1099 from side jobs. I was told I can have a solo 401K separate from my employer-sponsored 401K, with contributions calculated based on my 1099 income, potentially up to $59K. Can someone clarify if I misunderstood this, especially regarding the contribution limits when working for more than one employer?

February 4th, 2023

Are 403(b) withdrawals taxable on the NY IT-201 tax return for a 66-year-old individual?

June 7th, 2023