I withdrew $36,328.01 from my IRA and deposited the full amount into a savings account. I am 54 years old. How much tax and penalty will I have to pay for the 2019 tax year?

October 28th, 2023

I have been making payments on a house for the last few years at $400 a month. We made payments on the taxes on the house and are at our 47th payment of the house. Now, the owner says we owe him more. What can I do?

July 19th, 2023

For the past 2 or 3 years, I have received a 1099-misc form for income from board work in a micro-cap, employee-owned company, paid in illiquid penny-stock shares that cannot be sold due to the company's financial difficulties. Is there any mechanism to defer declaring this income, such as marking the year-end value of the stock to zero due to its illiquidity, even though it theoretically has value?

January 3rd, 2023

I spent $25,000 on establishing a business in 2017 and 2018, primarily on travel and entertainment, but have not received any income yet. Can I deduct these costs on Schedule C in 2017?

January 23rd, 2024

How much can my 14-year-old stepson earn from working before he would owe taxes or be required to file a tax return, given that he receives $228 a month from his mother's disability benefits and we claim him as a dependent?

December 7th, 2024