Is income averaging allowed for small businesses, specifically for a farmer and an insurance agent?

September 30th, 2024

I didn't file taxes for five years. The first three years are 1099 forms and the last two years are W2 forms. I own a home in the last five years. Can I file and use the money I get back for the last two years (W2) to pay for the three years that I need to file a 1099? I don't have the cash!

February 20th, 2024

My soon-to-be ex-spouse and I filed taxes separately this year. I am the primary caretaker/custodial parent according to our orders. We didn't finalize our temporary child support orders until after the first of this year. Before the child support order, he was making monthly payments to me to cover what he felt was his portion of daycare and child support. I repeatedly told him he couldn't claim the kids or daycare because he didn't qualify as the non-custodial parent. He tried to claim the kids anyway, and the IRS rejected his claim since I had already filed with our kids' SSNs. He now claims that he submitted all his canceled checks to the IRS and that his tax preparer said I would be in trouble if I didn't claim this as additional income on my return. I believe this is incorrect, but I want to confirm: Are payments for child support considered part of my income?

July 19th, 2023

I had hurricane damage on my rental house and received a check for $25,000. I repaired the home and now have expenses for materials and labor. Can I write this off on my current tax return?

December 8th, 2023

What is the federal tax benefit of each dollar of interest spent on a home mortgage, and is it beneficial to use savings to pay off the loan if the cash brings less than 2% interest?

January 24th, 2023