I have custody of my grandson. When I filed my taxes, I was told someone else has claimed him as a dependent. His father is dead and his mother has not filed taxes. What should I do to correct this?

December 6th, 2023

I was reviewing my tax returns from previous years and noticed that I was subject to foreign tax paid in 2013 and 2014, which resulted in a carry forward of the credit. In 2016, the accountant took an additional $4000 as a foreign tax credit despite no foreign income. Now, I am doing my tax return with TurboTax on my own and wondering if I could utilize any of the foreign tax credit carry forward from 2013 and 2014, given that I had no foreign income in 2016 or 2017. Do you think the accountant made a mistake in taking a credit? Are there any circumstances that allow you to take a credit if you have no foreign income when you have a carryover from a prior year?

April 14th, 2023

As a business owner and owner/shareholder of an S-corporation, can I deduct the $43,000 education expense incurred in 2017 for pursuing an MBA, which is essential for growing my business, as a business expense on my business taxes, and not on my personal taxes?

March 27th, 2024

I have an LLC that collected money from friends to invest in a startup. Each person contributed $100k for the investment and $2k to cover administrative expenses. On the K-1 form, for the line “Capital contributed during the year” (Section L), should it be $100k or $102k? My accountant entered $100k and then entered $2k in Section K (in the “Recourse” line). Is this incorrect?

January 23rd, 2024

I'm behind in filing several years of tax returns. I'm 74 years old and on a fixed income. All of my past W-2s and returns were lost when I moved from Ohio to Kentucky and I don't know how to get duplicates. I'm scared and this situation is affecting my health. What should I do?

March 31st, 2023