I live in Houston and am billed daily for tolls on the tollway. I have an account with the Toll Road and they bill me $40 a month. I don't keep track of whether I'm driving to work or not, and for a good part of the year, I was unemployed and driving to and from interviews. Can I deduct the $40 a month? Or do I need a detailed log of every toll?
October 27th, 2024
I live in Florida and received an inheritance check of $86,000 from my Uncle's California estate worth $700,000. Will I have to pay any type of inheritance tax?
February 26th, 2023
I have a tax lien on my home due to no fault of my own. The IRS was supposed to take out my payment each month from my checking account, but they stopped. I never cancelled it. What is the fastest way to resolve this, and if I pay the full amount owed, can I get a letter from the IRS stating it was paid in full? What kind of payment should I make, and how long will it take for the payment to reach the IRS?
November 3rd, 2024
I owe the IRS 70K on an active installment agreement and just filed my 2011 taxes, which resulted in an additional 35K owed. Should I pay towards both amounts, and can I have two installment agreements or request a 120-day extension for the new amount?
July 25th, 2024
I have a client who is an LLC partnership. They have stated in their operating agreement that any member with a deficit balance at the end of the year has an obligation to restore the deficit under section cost 1.704-1(b)(2)(ii)(c). How do I interpret this to the client who does not understand?
December 1st, 2024
My wife and I are residents of Washington state and work overseas. We plan to buy a house in Virginia that we will move into once we retire. Will buying a house in Virginia make us liable for Virginia income taxes?
January 9th, 2024