My girlfriend and I separated two years ago, and we have a six-year-old boy who stays with her more often but also with me during the year. She has claimed him for taxes and various credits during those two years. I give her $500 a month in support and pay half the babysitting fee every month. The court ruled that I can claim my boy every other year for taxes starting in 2021. I need a signed Form 8332 from the custodial parent to accompany my tax return. Can I claim the child credit and the additional child credit on the 2021 tax return if my income is over $80,000?

September 28th, 2024

I'm doing my 2018 taxes and I'm unsure how to file 1099-S for a house that was my father's, which I inherited and sold in 2018. The house was built in 2016 for $289,000, sold for $248,000, and had a remaining mortgage of $197,800. I'm confused about how to calculate my tax liability since the house was not my main residence and the sale resulted in a loss.

June 19th, 2023

I bought a house a few months ago to use as a rental, but haven't found a renter yet. What can I write off on that house if I don’t have a renter?

February 13th, 2023

I would like to set up a bookkeeping and tax preparation service out of my home office in Texas. What applications or licenses/permits do I need for business setup? I have county and state filings and just want to make sure I have all covered.

October 26th, 2024

My husband is on disability due to past brain cancer, and we have 3 children aged 5, 6, and 8. In the past, our CPA told us we didn’t need to file taxes because our federal and state returns were $0. This year, I was again told I don’t need to file. However, I used the non-filers tool in 2020 to receive stimulus checks and have been receiving $750 child tax checks since July 15th. I’m unsure if I can use these checks or if I should file in January 2022 to get the remainder of the money. What should I do?

September 28th, 2023