I purchased a new car in May for business use (I am a field service engineer and put on over 30k miles in 7 months), and was put on a Runzheimer program that pays a flat rate ($658.38/month) and a variable mileage rate (23.56 to 25.40 cents/mile). My total flat rate for the year is $3342.46 + my total business mileage of 30592 x the high rate of 25.40 cents/mile ($7770.36) = a total of $11112.83. Can and how do I write off the difference between what I was reimbursed and what the government rate of 55.5 cents/mile would be? 30592 miles x 55.5 = $16978.56 - what I was reimbursed $11112.83 = $5865.73. I am using TurboTax.

August 4th, 2024

I am trying to do a short sale on my property in Cobb County, GA. I believe that the IRS has placed a tax lien on the property. How can I confirm that there is an IRS tax lien?

January 4th, 2023

My wife and I are receiving a gift of $100,000 from my father-in-law, a foreign national residing in a foreign country, from the sale of foreign property. Is this amount taxable? Do I need to report anything? What records do I need to keep? What is the best way to receive this money: check deposited in the US or deposit into a foreign bank account under my wife's control and then a wire transfer to our joint US account?

August 29th, 2023

My husband established an S-corp for his business in January 2012 but continued to operate out of his sole-proprietorship bank account until April when he set up a corporate account. His letterhead and other business info were updated in January to reflect the corporation. Should the income deposited into the sole-proprietorship account after the S-corp was established be reported on his Schedule C or on the 1120S?

June 28th, 2024

I currently owe about $6500 on my taxes for 2012. If I contribute $6500 to a SEP IRA before April 15th, how much will my tax debt come down?

August 3rd, 2023