asked
I work as a 1099 contractor for a solar energy company in California and make less than 30k per year. How much do I owe in taxes? Do I pay annually or quarterly? What kind of expenses can I write off?
May 24th, 2023
Do I have to pay income tax on my Social Security benefits?
January 10th, 2024
As a day trader for IRS purposes, if I continue to lose money yearly, will they allow the losses? Can I consider myself as a 'day trader' business and then write off those stock/option losses against 'ordinary income' from other sources or other 'investment income' from real estate?
July 2nd, 2024
What form should I use for reporting driving mileage, and who can claim mileage on taxes?
January 7th, 2023
I received a CP90 letter from the IRS in 2017 indicating I owe $120k in federal taxes, but the fees have increased the total to $136k. I currently cannot pay this amount in full. Is it possible to settle this debt through monthly payments, and if so, what would be a reasonable payment plan? Additionally, is it possible to have the fees removed to reduce the total amount owed?
May 13th, 2023
I have been a limited partner in a limited real estate partnership in Oregon for 30 years. My capital account has gone from plus $30,853 to minus $64,806. When the partnership is liquidated, my share of the selling price will be about $50,000, but I will receive no cash distribution because of an enormous mortgage that must be paid off first. What is my basis and how much long-term capital gain will I have?
May 9th, 2023