I traded the firm's capital of $100,000 and made a $5,500 profit. I also have a regular job in retail. What would be the average amount I would have to pay in taxes for the $5,500, and how long do I have to pay it? Additionally, can the $650 fee for taking an evaluation each time to trade the firm's capital be used as a write-off, especially since I spent around $15,000 in fees and made only $5,500 in profit?

October 21st, 2023

If I work temporarily from another state for a month, do I need to pay income tax for that nonresident state, and how does this affect my resident state taxes?

September 27th, 2023

What are the tax provisions and expenses for working from home, especially in the context of being forced to work from home?

December 18th, 2023

My refund was accepted by the IRS, but I know there is an error on it because I received my 2nd stimulus check after I had already filed my taxes electronically. I believe this error is causing a delay in processing my taxes. What can I do to resolve it, and should I file an amended return now, or will that just prolong the process further?

December 16th, 2024

I am completing Form 709. I made a $25K cash gift to my daughter. I completed Schedule A, Parts 1 and 4 and have carried over $10K to Part 2, Line 1. It looks like I owe $1800, but I have not yet entered anything in Line 7. What goes here so that the tax liability is deferred?

May 26th, 2024