Need help filing taxes for self-employment. My wife started a senior citizen babysitting job earning $192 a week and also works as a cashier with taxes taken out. She filled out a W-9 and will claim one child while we file separately. What forms should she fill out, and how should we estimate and pay her self-employment taxes?

March 5th, 2024

I filed my 2018 federal tax extension electronically for free on TurboTax online. I entered $0 as my tax liability by mistake instead of my estimated liability of $3700. I paid $4300 in taxes in 2018 and do not owe any taxes. Will entering $0 as my liability instead of $3700 result in my extension being rejected, and is it okay if I submitted a 2018 federal extension twice with two different websites?

January 3rd, 2023

Can I still claim my student son as a dependent for tax year 2018 if he has earned income and files his own taxes?

August 19th, 2023

I owe $200,000 in taxes and need a 120-day extension to pay. I am self-employed and made $900,000 last year, with some employee write-offs resulting in the $200,000 tax liability. I can pay some of the taxes but need an extension for the rest. What are my options for obtaining an extension and handling the payment process?

October 12th, 2023

I closed a small business corporation where I was the sole owner and investor. I initially received stock for $120,000 in cash (purchased at issuance) and later loaned $40,000 to the company, which I converted to stock before the company's closure. Can I treat the initial $120,000 as section 1244 stock, apply $100,000 against my 2018 income (married filing jointly), and treat $20,000 as a long-term capital loss, and $40,000 (recent conversion from loan) as a short-term capital loss?

February 9th, 2023