In regards to partnership tax liabilities, if the partnership's liabilities are zero at year end (after selling business assets and making a cash contribution), shouldn't there be no increase to basis due to share of debt?

May 21st, 2024

I owe $9600 in state tax and $23000 in federal tax, but I only have $10000. Should I pay off the state tax first and try to get a payment plan with the federal tax? I am in New York State and haven't taken any steps yet besides filing and picking up my paperwork.

March 8th, 2024

We purchased a home for $180,000, financed $90,000, and spent about $30,000 on upgrades over one year. We are both over 71 and retired, but our former employer has offered us our old jobs back in another city. We have talked to a realtor who estimates our home would sell for $240,000. We have lived here for about one year. Will we be subject to any taxes besides the current property taxes for this year if we sell the home and move quickly?

November 30th, 2023

I own a small business with no employees, paying contractors via 1099 misc. One contractor is significantly behind on his taxes. I am in Michigan. What steps should I take, and would it be acceptable to terminate the contract because of this?

March 18th, 2023

I need the AGI from my 2016 tax return, but I don't have a copy of it. I filed with TurboTax in 2016, but I had a different address, phone number, and email account at that time. How can I retrieve my AGI?

April 11th, 2024