I took out $55,000 from my 401k retirement to put down a down payment on my house and was paying Obamacare health insurance. When I filed my taxes, it showed I made more than the allowed amount, resulting in a tax bill of over $6,000. I make $22,000 a year on Social Security income, am retired, and a widow. I have no means of paying this money. What can be done to lower or reduce my taxes since I can't afford to pay them?

June 30th, 2024

How can I get a copy of my taxes for year 1995? I need the copy to show that I claimed my daughter Nakia Allen.

November 12th, 2024

I run multiple small businesses from home and have a question regarding home office deductions. Does that mean each of them and their expenses are tax deductible separately? Also, if I have a room dedicated to the businesses, how does that affect my mortgage, and can I set up another room for a different small business for tax purposes?

September 21st, 2023

I am disabled and receive Social Security disability. My wife is also disabled and receives Social Security disability. I am 58 years old and my wife is 53. I want to access my IRA but I don't want to pay the penalty for early distribution. I was told that being disabled allows me to access it without penalty. Is this true?

April 22nd, 2024

How can I verify my identity with the IRS after receiving a letter for identity verification?

October 2nd, 2023