asked
I am a part-time teacher barely surviving, living paycheck to paycheck. This year, I made $24,311.48 in income from my teaching job, which withheld $1,804.35 in federal taxes, $1,507.34 in social security, $352.55 in Medicare, and $319.61 in state taxes. I also had a babysitting job over the summer earning $2,322 with no tax withheld. Do I have to claim this income, and will I get audited if I don't? Additionally, can I deduct car repairs if I used the car for babysitting?
July 28th, 2024
If I sell my company and receive stock as an earnout over time, is the stock gain treated as a capital gain?
November 19th, 2023
I built a 26-house subdivision in 2004 and 2005, and then sold the remaining 62 lots to one builder with a note for $1,200,000, receiving payments as each house sells. I made minimal improvements to the subdivisions, holding them for 1.5 and 2 years respectively. A CPA told me that under IRC 453L2, I can get an exemption from dealer status and do an installment sale, deferring tax until I get paid by the buyer. Can you confirm this?
June 17th, 2023
If I won a $20,000 car, how much would I have to pay to receive that car?
October 29th, 2024
I have an insurance policy for Prescriptions RX that I pay premiums on. Are these premiums tax deductible?
March 10th, 2024
Can I claim 9 deductions for six months and then change back to one deduction for the other six months of the year?
September 22nd, 2024