I received a letter from the IRS requesting that I send a Form 8962 along with a copy of a Form 1095-A. However, I had insurance through my employer and only received a Form 1095-C. Why is the IRS asking for a Form 1095-A and Form 8962, and what should I do in response?

January 21st, 2023

Is there a penalty for paying taxes at the end of the tax year instead of having taxes withheld from each paycheck or making estimated tax payments?

July 28th, 2023

If I file exempt on federal taxes for the whole year as a head of household with a dependent 13-year-old and have a gross income of $95,000, would I end up owing $5,000 in taxes, and what deductions or expenses could I potentially claim?

December 15th, 2023

I quit farming and want to sell my home along with the farm land and woods. The home is valued at about $175,000, and the farmland and woods are valued at about $225,000. Can I exclude the entire sale amount under the $500,000 tax exclusion for my home?

December 20th, 2023

I have an out-of-state single member LLC that did business in California. The tax preparer expensed the income from the LLC to me personally as management fees, significantly reducing California state tax since there was essentially no net profit left to pay on California source income. Is this legitimate, and what written/legal support holds? How can I obtain a written and verbal opinion from California to ensure the CPA's actions were correct?

October 15th, 2024