I work in a casino where the IRS tip agreement was recently adjusted to a higher percentage, resulting in a 15.3% rate after a mandatory 5% tip out. I did not agree to this rate, and it is not accurate. Management and the casino's IRS contact will not help. I am being taxed on income I did not make. What should be my next step? Should I keep accurate numbers and adjust income come tax time, or back out of the tip compliance agreement, even though the IRS contact warned me that I would likely be audited every year if I did so?

March 4th, 2024

I have a small business (sole proprietorship) where I coach young kids in basketball. I pay a coach a monthly fee. He is not an employee, but he is preparing his taxes and needs a form stating how much I have paid him. What form should I provide, and am I late in filing it?

January 7th, 2024

I purchased a condo in Florida in December 2005 and sold it this month for $49,000 more than I paid. It is not my primary residence (I reside in Buffalo, NY). As I only owned the property for 2 months and sold it for $49,000 more than I paid, what can I expect in capital gains if I don't do a 1031 exchange? I am doing a major capital improvement ($120,000) to my home in Buffalo. Can this help offset my taxes on the Florida sale? I did take out a home equity loan for $85,000 in December 2005. I don't know my tax bracket, but my annual income is approximately $100,000.

April 16th, 2023

I'm getting married next summer and have a high mortgage. How will this affect my tax refund and what can I do to ensure the right amount is withheld from my pay for taxes?

May 16th, 2024

If I used the standard deduction in 2012 with my wife (filed MFJ in 2012), can I use the unused charitable donations for 2012 on my 2013 income in addition to the charitable donations for 2013 tax return when I itemize on this return that I am now filing MFS for 2013?

October 3rd, 2024