I am a shareholder in an S corporation campground that is being sold, and I will receive approximately $45,000 for my share. I do not want to pay income taxes on this amount in the same year. How can I shelter the income and spread out the taxes? Does income averaging still exist, and can I open an IRA to lower the tax burden?

February 5th, 2024

If our income is 401% of the poverty level, how much of the PTC will we have to pay back, and what are our options if we cannot afford to pay it all back? Additionally, can my husband and I file separately to potentially reduce the amount we each have to pay back?

September 4th, 2023

I am 62, still working, and want to pay off my mortgage with a portion of my 401k, about $55k. What will my tax rate be federally and in North Carolina?

August 17th, 2023

What adjustments are required regarding Paul’s purchase of the partnership interest in the Four Winds Partnership, which owns and operates three storage facilities in Milwaukee, Wisconsin, and how should these adjustments be allocated to the partnership’s assets?

May 31st, 2023

On November 27th, I will become a US permanent resident for the first time. I have a 9% ownership in a company based in Dubai, which I purchased 20 years ago for $20,000 and is now valued at $10,000,000. If I sell my shares after becoming a resident, will I be required to pay US tax on the gains, even though I was not a US resident during the years of ownership?

March 7th, 2024