My wife and I were both born before January 2, 1943. Last year, my tax preparer claimed tax deductions of $12,300, whereas the standard deduction shown was $10,300. This year, I am filing my own tax return for 2007 and I see the standard deduction set at $10,700. Can I add an extra $2,000 as last year, and how was the extra $2,000 deduction justified?

December 1st, 2023

I am a tattoo artist who made $9825 in cash deals this year with no receipts. How should I report this income and what are the potential consequences?

December 11th, 2024

I used TurboTax online to file my taxes. Last year, my deductions were $43,715, but this year they are $24,334. I claimed 2 dependents last year and 1 this year. What could have caused such a significant difference, and is there anything I should ensure to include if I start over?

June 2nd, 2024

I have a question regarding city taxes and residency. On my city tax return, I have choices for part-year, full-time, and nonresident. The city in which taxes were taken out for was not the city I worked or lived in for the tax year, but my permanent residence is in that city. I have not lived in that city for close to 8 years, but I always list the address there, my parents' address, as my permanent address. I did not have a city tax return problem doing this until I moved to a city neighboring that city last year. My employer then informed me that I would have to pay taxes for that city. So, does my permanent address determine whether or not I am counted as a full-time or nonresident, or does the actual place that I lived and worked count?

May 24th, 2024

How do I calculate the cost basis for mutual funds when I purchased 600 shares for $8,000 ten years ago, all dividends and gains were reinvested, and I sold all 1808 shares this year for approximately $19,000?

August 23rd, 2023