asked
Due to higher-than-normal reported income in 2016, we paid extra high taxes in 2017. When filing this year, I didn't see anywhere in my process where I was asked about those extra taxes paid in 2017. In prior years' filings, I thought these were always accounted for toward the current year's tax bill. Did something change?
October 6th, 2024
I can't find my social security paper. I have looked everywhere and now wonder if it came. Where could I find it or get another copy?
November 2nd, 2023
I made a mistake on my wife's mileage for her Mary Kay side business, reversing personal and business miles. I didn't catch it until after I had already filed. Can I file an amendment to correct this?
February 26th, 2023
As a new independent contractor, I had $115K in revenue/income and approximately $30K of out-of-pocket expenses (travel/entertainment) for which the client reimbursed me. Should I be charged income tax on $115K or the combined $145K? If it's $145K, can I deduct the expenses?
August 30th, 2024
My AGI is larger than my actual income. I am retired on a pension and social security. My income for SS and retirement totals $61,000, but my AGI says $99,000 according to IRS software. How is that possible?
August 2nd, 2023
I have a client who has 30 secured notes and receives interest income from them (130K). The notes are secured by real estate, some of which are wrapped by other notes on which he pays interest (42K) to the wrap owners. He also has auto expenses (6K), legal expenses (9K), rent expense (16K), and repairs (32K). It is a 2-owner partnership. Prior accountant put interest income on K1 and interest expense and the remaining in Form 1065 as ordinary. I believe if anything, they all are investment interest and the rest investment expenses. Please advise.
November 6th, 2023