I make $200,000 annually, own two homes (Iowa/Missouri), paid approximately $58,000 in interest on the properties this year, and have $2,500 in property taxes for Missouri and $5,500 in property taxes for Iowa. I live in Iowa but work in Nebraska, file Married (Joint), and have 5 exemptions. I will be in the same scenario next year and would like to know what I should have taken out of my check next year for Federal/State to break even. I also have church contributions of approximately $5,200 and 2 children under 17, 1 17-year-old (Junior) living at home with no income, 1 19-year-old (Freshman) living on campus with no income, interest income close to $2,006, 11% of my income going to 401K, and a small trust with gains around $400 this year. No other income.

April 30th, 2023

I am a US resident (and citizen), and am loaning some money to a Canadian friend (resident and citizen of Canada) for his business. I will be receiving interest for the loan. How much tax will I have to pay to Canada, and how much to the US? Will I have to pay Social Security tax on it?

June 6th, 2024

If my grandmother gave me a property and I sell it, what would be the tax I would pay on the money? Can I shelter or defer the payment of tax by making investments like other real estate?

December 17th, 2023

My father, who is 98, made my sister and me joint tenants of his house, thinking it would be our inheritance. The house is now under a sale contract, and we want to avoid capital gains by giving all the proceeds to our father. He will then put the money in an account payable to us upon his death. Will the money we receive after his death be considered income or capital gains? Will it affect my Social Security and VA benefits?

November 18th, 2023

I have a matter in Illinois regarding sales tax. I manufacture a product sold mostly out of state and have also sold via the internet, mostly out of state. Over the last 5 years, I've had more in-state sales than I realized. Someone has filed a complaint with the IL Department of Revenue, leading to an audit and investigation. I know I will owe and am willing to pay. I'm worried about the enforcement posture and potential prosecution. I'm a one-man operation and have been lax in record-keeping but have not tried to hide or destroy anything. What should I expect, and how can I handle this situation?

August 22nd, 2023