asked
I am trying to complete my taxes and I have no idea how I could owe so much money given my very basic situation - it's also saying I have a penalty. I am 28 years old, single, with no dependents, and made around $120,000 this year. What should I do to understand and potentially reduce the amount I owe?
June 27th, 2024
How do I know if I am eligible for Disability benefits, given my current health conditions such as sciatica, PTSD, and potential Lyme disease, and my inability to work due to these conditions?
July 24th, 2023
In 2022, I received guaranteed payments for services rendered to the partnership/LLC of which I am a partner. Could these guaranteed payments be seen as me cashing out from the business and causing me to be in debt with the other partners?
April 25th, 2023
I took a distribution from my IRA to purchase a home. The distribution was taken on 4/6/22 and returned on 4/25/22. It was meant to be an indirect rollover but was reported to me as a 'normal' distribution combined with my RMD on Form 1099-R. Is this proper, and how do I report the return to the IRA on my Form 1040?
June 25th, 2023
I live in Arizona and expect to make $150,000 to $200,000 this year from one of my businesses. I'm considering setting up an S Corp and paying myself a salary of $40,000 with the rest as distributions. How much tax savings will I get on the distributions compared to other business structures?
January 23rd, 2024
I received a letter from the IRS requesting my W-2, 1099, and W-2G forms, and I noticed missing information on my tax return. I loaded all the info when I filed. What should I do about this notice?
June 8th, 2024