As a U.S. citizen living outside the U.S., how do I report and pay taxes on my foreign corporation, which is not registered in the U.S. but I am the sole owner? What forms do I need to file?

December 25th, 2023

I was enrolled in graduate school in 2013 and claimed the education credit on my return. The IRS sent me a Notice of Deficiency for an unrelated matter and removed the credit, adding it to the amount of tax I owe. I entered a W2 incorrectly, but the education credit should not have been taken away. Does graduate school tuition count for the education credit?

April 21st, 2024

I am single, aged 21, living with my parents, and have no dependents. My income last year was $2,848.27, and $0.91 was withheld for Medicare tax. I have been filing with my employer to be exempt from income tax withholding. Do my conditions make me eligible for tax withholding, and do I need to file for federal and state taxes? Or am I correct in filing for my exemption, and should I continue doing so?

October 26th, 2023

My wife's father passed away last year, and she inherited shares in his S-corp equally with her brother. She sold her shares to her brother for less than their valuation. We were recently informed that she would receive a 1099 and K-1 for the period the company was in trust, and she would have to pay taxes on the income generated during that time, even though she never received any cash. Am I right that my wife should not have to pay taxes on money she never received, and if so, what statutes apply?

October 25th, 2024

What is the 2015 D.O.T. per diem rate for meals for truck drivers, and how much can be deducted on Form 2106 if the driver is subject to D.O.T. regulations?

September 16th, 2023