I had a new home built last year, and the builder charged me more than the agreed-to contract price. The builder filed a lawsuit claiming I owe him $60,000. If I settle the lawsuit and pay the $60,000, can I take this as a deduction on my personal income taxes? Additionally, if my LLC made the settlement payment, can I take that as a business expense on personal income taxes?

September 25th, 2024

Do I need to pay state income tax in two states if I moved from Texas (no state income tax) to Arkansas (with state income tax) while working remotely for a company based in Louisiana (with state income tax)? I used to live in Texas and work for a company based in Louisiana, where my company withheld money from my paychecks to pay state tax. However, I moved to Arkansas a year and a half ago, working remotely for the same company, and Arkansas does have state income tax. I read that you can't be taxed for the same income in two states, so I didn't file anything for Arkansas, but now I'm worried I made a mistake.

February 6th, 2024

How much can I contribute towards my HSA for 2023, and how does my coverage and method of contribution affect this amount?

September 22nd, 2024

What are the tax implications of exercising Non-Qualified Stock Options (NSOs) and immediately selling them at a loss compared to their Fair Market Value (FMV)?

May 19th, 2024

My 2018 tax return was completed and mailed to the IRS on July 31, 2023. I have not received my refund yet. Is there a problem with my return?

August 20th, 2023