How long should annual tax reports and other important documents be saved, and which documents should be kept indefinitely until a person dies?

July 5th, 2023

I live in NY state but am selling a property in CA. I have to include the real estate withholding - computation of estimated gain or loss (CA Form 593 E) and Real Estate Withholding Certificate (CA Form 593 C) with the closing documents. The sale price on the property is $325,000, but I am owner-financing the sale. I'll receive a deposit of $90,000, with the balance paid over ten years at 5% interest. I paid $80,000 for the property, and improvements, plus cost of sale, lawyers fees, etcetera come to $145,000 over the life of the property. How should I fill out these forms considering the actual money received versus projected income?

December 13th, 2024

In my divorce decree, my ex and I had joint custody and an agreement to claim our child every other year. The child lives with me 85% of the time, and I receive child support. I asked if I could claim our son without involving a lawyer, and was told I could. However, when I did my taxes this year, I found out she claimed him. Can she claim him legally?

March 7th, 2023

I mistakenly sent 941 and $ via EFTPS for a pay period in October 2015, but I actually wrote no paychecks in October. How do I proceed with my 2015 and possibly 2016 1120S?

June 15th, 2024

A taxpayer has a substantial amount in his 401K and is now turning 72. Is the taxpayer required to take amounts out of the 401K, and if so, will it be taxable? Can he elect to take the amounts in the form of an annuity, and what will the tax consequences be?

April 11th, 2023