asked
I have a client with a business who took both an employer HSA and an employee HSA. The husband has a family plan, and the wife has an individual plan. The tax program is adding the employer contribution to other income on the 1040, stating that the husband's family plan disallows the wife's individual plan. Should the employer contribution be added to other income, or is there an error? Additionally, the contributions exceeded the $6150 and $3050 limits, respectively, leading to additional tax. Is this correct?
July 18th, 2023
I am completing a K-1 for a 1065. Can I only deduct the section 179 depreciation on line 12? We had a leasehold improvement that did not qualify for section 179, so we took straight-line depreciation on this. Can I include this amount on line 12?
December 21st, 2024
What are the rules regarding the repayment of the First-Time Homebuyer Credit and how is it repaid?
September 15th, 2024
If I made a mistake on calculating medical expenses and lost my receipts due to a mold problem, will the examiner still give me credit for the correct figure? Also, do I need to report income from selling household items at a thrift shop if it's under $600 a year?
December 12th, 2023
I'm a Canadian working in California under a TN status. My wife is a Canadian non-resident who will visit occasionally. How should I fill out the W-4 form correctly? Specifically, should I mark myself as 'single' and claim '1' for allowances in 'A' and 'B', '0' in 'C', and can I claim 'head of household' in 'E'?
March 14th, 2024
I recently bought a property in Connecticut and my tax rate is 58.2% of the assessed value. Where can I find information on tax exemptions or deductions that might reduce my tax rate?
October 16th, 2023