A client of mine, who is on Social Security Disability and now receives Medicare benefits, believes she owes $6000 in taxes because taxes were not taken from her disability income. What is the law regarding taxes on her income tax return, and who can answer this question?

August 23rd, 2023

I have a 1099-C and was insolvent, having filed form 982 for federal taxes to prove insolvency and avoid taxes. However, state taxes still show taxes due. How do I handle this situation for state taxes, and is there a state equivalent to form 982?

March 30th, 2023

I have a 41-year-old son who is disabled and receives SSI and Medicaid. He rents a room in my apartment and covers our Con-Edison bill. His SSI income is very small, and I cover all additional expenses like therapies, clothing, transportation, and food. I would like to know how declaring him as a dependent would affect me. Would it affect me or would he lose his SSI and Medicaid?

May 28th, 2023

I am planning to withdraw money from my 401K to pay off debt. I understand that taxes and penalties apply. My application shows how much federal tax is being withheld, but not state tax (Kentucky). How will this affect my taxes when I file next year?

November 11th, 2023

I sold the company stocks of CH2MHill, an engineering company headquartered in Denver, during its merger with Jacobs in 2017. CH2MHill had businesses worldwide. I am trying to determine if the capital gain from the sale of CH2MHill stock qualifies for the Colorado Capital Gain Subtraction, which excludes capital gains earned from real or tangible personal property located in Colorado.

October 14th, 2024