asked
I have some money saved up in a 401k and am planning to buy a new home. As a first-time homebuyer, can I withdraw from my 401k? How much can I withdraw? What are the tax implications? Are there any penalties? What else should I know or consider?
March 24th, 2024
How do I calculate the 2022 §197 amortization deduction for a business purchase where $184,000 is allocated to a patent and $1,104,000 to goodwill, and how do I compute the depreciation deduction for a building acquired on June 1, 2017, for $26,752,800, assuming it is classified as (a) residential and (b) nonresidential, using the appropriate MACRS tables?
July 26th, 2023
I have capital gains of $964K from cryptocurrency that is now frozen until I pay the IRS in cryptocurrency ($235K), but I don't have the money to pay the tax to get my profit unfrozen. I was duped by a friend who told me I don't need to pay taxes to get the money out, they said it would be deducted automatically. What, if any options do I have? I'm just looking to get back my investment I put in ($300K) and be done with this.
July 30th, 2024
I have two vehicles for my business, one in TX and one in MA. I am trying to purchase a new vehicle for my MA location. Can I take the Section 179 deduction on the new vehicle in MA and still take the standard mileage deduction for my driving in TX in the same year?
June 1st, 2024
I am 66 years old and want to enroll in Medicare Part A. Do I need to apply for Social Security benefits first, and how can I sign up for Medicare Part A if I am not currently receiving any other health insurance coverage?
July 29th, 2024
I filed my taxes last year through TurboTax online and now owe $8,000, which is unusual for me. I need my tax return from last year double-checked for any errors on my part.
August 14th, 2024