My son works as a waiter in a burger restaurant where he reports tips on his W-2 but is required to 'tip out' the bartenders and bussers, usually about 5% of his tips. Is he supposed to pay tax on the total amount, and can he list the 'tipped out' amount as a business expense? If so, what records are required?

August 24th, 2024

Buying a house with my fiancé and we are not yet married. The loan is in my name only because I have a higher credit score. My fiancé wants to contribute to the down payment, and the finance company requires a Gift Letter stating she is giving me the money for the house. Does her contribution count as income for me that is subject to income tax?

February 8th, 2024

My daughter paid the mortgage interest on my property, but she is not on the title nor on the loan. I received the 1098 form in my name. How can my daughter claim the credit for the mortgage interest paid?

March 4th, 2024

I need help completing a W-4 change. My spouse started working in 2016 and we plan to file married but separately. Our combined income for the year will be about $120,000. Would it benefit us to file jointly vs. separately based on our income bracket? How should I adjust the W-4 to ensure the correct amount is withheld from my spouse's paycheck?

April 29th, 2024

I received a share of my father's investment in a pecan farm 3 years ago and received income from it in 2013 and 2014. The farm was sold last year in 2015, and I received my share. How do I claim this as income or estimate taxes for an extension?

March 18th, 2024