As a solo S-corporation owner, how should I report distributions from my business checking account to my personal account on QuickBooks and for tax purposes? Specifically, how do I categorize these distributions and ensure they are correctly reflected in my equity accounts?

May 21st, 2023

If my child has a personal physical injury settlement agreement that states the payment is for physical injury and cites 104(a)(2) in the settlement agreement, saying it's tax exempt, should I be sent a 1099 and told by the risk pool that their records say the payment received is for a non-physical injury claim, which is a lie, and should I be led by them to claim my loss of consortium that is attributable to my daughter's physical injuries as taxable and claim the attorney's income earned from the settlement too?

March 25th, 2023

Can I deduct the use of home updates for tax breaks, specifically a new efficient furnace, windows, and siding for my primary home? I am now a widow and considering filing as head of household. Should I take a standard deduction or itemize, and what are the guidelines for itemizing expenses?

June 26th, 2023

I was divorced in April 2022 and did not update my tax withholdings with my new job. My ex-spouse filed married filing jointly a month before leaving, resulting in me owing $7,000 to the IRS. I live in WV, my primary source of income is through my employer, and I received his IRA, paying penalties and taxes on the cashed-in amount. What options do I have to address the tax debt?

February 3rd, 2024

I received a letter supposedly from the IRS notifying me that a company had filed a 1099-INT form for my SSN. I looked up the EIN and it seems to be a phone company, AVA C LLC, in Panama City Beach, FL. Is this a scam, and what should I do if I can't contact the company and the letter seems suspicious?

March 31st, 2024