My wife and I are considering deeding our home to our two children for one dollar while retaining a Life Estate. Will there be any Capital Gains Tax that our children will have to pay when we die, and how is the gain calculated if they sell the home after our death? The current value of the home is around $375,000.00.

May 24th, 2024

My not-for-profit organization in Kansas works concession stands as fundraisers. We noticed different companies deduct different amounts of tax for our beer sales. One company deducts 8.75% for beer and food sales, while another deducts 10% for beer and alcohol sales, even though the beer is only 3.2%. We thought Kansas sales tax was 6.3%. Could you explain the difference between on-site and off-site sales tax rates and what the actual tax rate is?

July 26th, 2024

My wife and I each own a small business and we want to buy or lease new or used cars. My wife drives approximately 20,000 miles per year for work and wants an SUV, maybe a Range Rover Sport that costs $50,000. I drive only 5,000 miles per year max and want a luxury car for clients, maybe an S Class Mercedes that costs $70,000. Assuming no trade-in, what are a couple of smart examples? Lease brand new? Buy new? Buy used?

December 10th, 2024

I have AMT carryovers from previous years, specifically AMT Short-Term Capital Loss, AMT Long-Term Capital Loss, and AMT Investment Interest. I want to do my taxes myself this year and need to know how to document these carryovers to ensure I don't lose them. What should I do?

April 27th, 2024

I am a 66-year-old guardian of my 10-year-old grandson. I receive no assistance in raising him, and his father is in jail. I don't know if his mother is still around. Is there any kind of assistance I can apply for to help with feeding, clothing, and getting him through school? I expect to have him for at least eight more years, and my Social Security does not cover the bills.

November 19th, 2023