I have a small business on my home property and want to deduct my mortgage interest on Schedule C, Form 1040. If I have a business loss, does this change the amount of mortgage interest I can deduct? Additionally, if an accountant incorrectly filed my taxes without using Form 8829, does this increase the likelihood of an audit, and can the IRS retroactively correct and charge for previous years' filings?

April 14th, 2024

I didn't report income and now got an overpayment letter. I had filed for bankruptcy during the time they want me to pay back income. Will this be enough for them to rescind the overpayment demand? What are the penalties for overpayment? I don't work two months out of the summer and just ask for food stamps during that time. Then they send me letters saying I'm in a special group that gets their aid automatically extended. How am I at fault?

August 31st, 2023

How should I report income from a revocable trust on my 1040, given that I have 50% ownership? The income includes ordinary dividends, government dividends, foreign dividends, capital gain distributions, non-dividend distributions, and selling business capital gains (short term & long term).

February 12th, 2023

I am going to receive an inheritance from a trust fund my aunt set up. It will be approximately $100,000. What can I do to avoid taxes? Can I roll it over into a TSA or something else?

January 10th, 2024

If I worked as a non-resident in North Carolina from August to December, would I need to pay state income taxes since I was working in the state less than six months?

July 25th, 2024