I am seeking guidance on tax planning for 2024. I am located in California, 54 years old, married filing jointly, with two dependents. My typical income is around $180K. I am looking to maximize my retirement contributions while minimizing my taxes. Specifically, I want to understand if contributing to a SEP-IRA or a Solo 401(k) would be more beneficial, and how my contributions might affect my IRA deductions. Additionally, I am considering whether it would be more beneficial to pay for my health insurance premiums through my S-Corp rather than individually.

October 21st, 2024

I am a senior whose husband passed away in 2022. I had our taxes completed by a CPA that year, but I'm trying to do my taxes on my own for 2023. I have Social Security income, a small pension with a taxable amount, and made many donations. I also have a dependent's VA income. How do I complete my taxes, and is the dependent's VA income taxable?

November 18th, 2024

Can I apply for Social Security benefits from my first husband, given that I am currently 76 years old, retired at 70, have been receiving Social Security for six years, have worked in the last 10 years, and have other sources of income? I also receive minimal retirement funds from 2006 and partial retirement funds in 2016 after the death of my second husband.

July 27th, 2024

How should the sale of a commercial building, where the proceeds were received in 2023 but the sale officially closed in 2024, be reported for tax purposes, and how should the excess distributions to the shareholder in 2023 be accounted for?

September 18th, 2023

I have power of attorney for my brother-in-law and need to change his Social Security details. However, I was told that I need to come into an office because they don't accept power of attorney. My brother-in-law is in a nursing home and unable to walk, and I am elderly (age 71) and unable to bring him to the office. Can this be done over the phone?

April 24th, 2023