As a non-resident alien and the 100% owner of a Delaware C-corp, I filed my first Form 1120 in February 2019 and e-filed my 2018 tax return without filing Form 5472. The business has not started, resulting in a net loss with no income, no rent, sales, transactions, or expenses other than $81 for email services and a FedEx shipment. I deposited $3,500 into the company's US bank account, bought a $1,500 certificate of deposit (CD), and received a company credit card. Do I need to file Form 5472 for 2018, and if so, how can I file it now that my Form 1120 has already been accepted by the IRS?

October 24th, 2024

I am 74 years old and my only income is social security, $1459.00 per month. Am I entitled to income tax credit or any other credits? I also pay long term care insurance of $126.92 per month.

August 3rd, 2023

I am a Massachusetts resident attending college in California, and all my income was earned in California last year. I am using TurboTax online to file my federal taxes and it is charging me Massachusetts taxes. How do I inform TurboTax that I did not work in Massachusetts to avoid being taxed twice on the same income?

January 18th, 2023

I am thinking of starting my social security retirement benefits at age 66, but I am not quitting work yet. How much will get taxed if I start now, and is it 50% of my retirement benefits?

March 2nd, 2024

I was unemployed last year and needed insurance through the marketplace. I estimated my income to be 15,000, but I only grossed 3,000. I received a tax credit of 264 that was paid directly to my marketplace insurance plan. How will this affect my tax return, and can I defer paying any amount I owe until next year?

July 9th, 2024