I redeem approximately $1,000 per month to help with taking care of grandchildren. Taxes are removed during each withdrawal. Does this put me in a higher tax bracket so I am paying more taxes along with what is taken out at the time of withdrawals? I am age 64 and retired and live off of social security, federal retirement check, and a small state annuity from my late husband.

December 16th, 2024

My son owns a tour company and for the last 2 years, he did not file 1099s to his sub-contractors who provide services. He only gets a 12% share of those payments, the rest goes to the contractor. How does he report those on his returns for those years? If he has to show 100% as his income, he will stand to be bankrupt.

September 12th, 2023

I own a condo unit in NJ that is currently rented out. I am considering establishing an LLC with my wife and transferring the ownership of the condo unit to this LLC. Is this possible, and what are the tax implications I should keep in mind?

November 20th, 2024

In scenarios where an individual based in Dallas, TX provides a mortgage or loan to a California-based LLC or to me and my partner personally to purchase a property in Ann Arbor, MI, is the lending individual subject to Texas, California, or Michigan state tax?

November 27th, 2023

My wife and I file married filing joint. I have given her gifts in the form of jewelry and cash for Christmas and birthday (approximately $8000). The amount is below $14,000. Can I show the gift amount on L16 of form 1040, schedule A? If the answer is 'yes', what documentation do I need to present?

October 12th, 2023