I have purchased tools needed for my business on certain store credit cards. Would I deduct the expense from the year I made the purchase or the year I make the payment?

December 12th, 2024

My husband and two co-workers have completed a consulting contract and need to invoice the company. The co-workers want my husband to submit the invoice and distribute the payment. My concern is that we'll receive a 1099 showing my husband received the full payment, while his co-workers won't receive a 1099 since they technically received no funds. Is this correct?

May 19th, 2023

In middle TN, the state sales tax is 7.00% plus 2.25% in Williamson county, for a total of 9.25%. When purchasing a car or a boat, the applicable sales tax rate is only the state tax portion of 7.00%. When completing taxes on Turbo Tax, it allows me to deduct the sales tax paid on a car (7.00%) but not the sales tax paid on a boat (7.00%). Turbo Tax states that the sales tax on a car is deductible up to 9.25%, but for a boat, the sales tax must be exactly 9.25% to be deductible. Since I paid 7.00% sales tax on the boat, none of the sales tax paid on the boat is deductible. This seems arbitrary and illogical. Can you confirm that the sales tax I paid on the boat is not deductible?

July 10th, 2024

I am being laid off from my job in the state of CT. My severance payout is $21,634. How much of that is going to be taxed?

April 29th, 2023

If I worked this year and was paid cash for my services, can I claim it on my income taxes?

December 20th, 2024