On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present journal entries to record the following transactions for the current fiscal year: a. Issuance of bonds, b. First semiannual interest payment (cash portion only), c. Amortization of bond discount for the year, using the straight-line method of amortization.

June 28th, 2024

Why does a single person pay more tax than a married person?

June 25th, 2023

My mother just passed away and I am the only child and next of kin. I have not filed for taxes since 2008 due to financial hardship and have defaulted on an installment plan with the IRS, resulting in a tax lien. I am concerned that the IRS might take my mother's estate, including her house with a mortgage, IRA, annuity, and bank accounts, leaving me homeless. What should I do to protect myself and the estate?

May 21st, 2024

I was told I owe government money on overpayment of taxes. Is there any way I can verify that and find out how much?

August 29th, 2023

I am 64 years old. What are the tax implications and considerations I should be aware of?

May 8th, 2024