A client has six years of unfiled taxes. He is divorced with joint custody of his kids, and he and his ex had a verbal agreement for tax deductions. When he filed back taxes, he discovered his ex-wife had already claimed the deductions for earlier years. His ex-wife has a higher Adjusted Gross Income (AGI). Does the ex-wife automatically win both kids' deductions due to the tie-breaker rule based on higher income, even though this was not stipulated in the court decree and no forms were signed?

May 6th, 2024

I am trying to get a mortgage loan for a primary residence. I have no W-2 income in 2016 but have K-1 and capital gains income. In 2017, my W-2 income was ~$26k (also with capital gains & K-1 income), and in 2018, I expect my W-2 income to be $115k. Will I qualify for a mortgage in 2019? I have cash ~$130k (mostly from the sale of my last house), liquid assets > $220k, and other assets > $100k (LLC real estate investments).

February 7th, 2023

I used TurboTax to file my taxes and paid $4078 to the IRS on 3/29/18. On 4/17/18, I received a $1000 check marked as a tax refund with no explanation. Why did I receive this refund?

February 11th, 2024

My client's wife earns over $275,000 a year and has been notified that she no longer qualifies for the regular 401k plan. She has the option to contribute to an Excess 401k plan or a Bonus Deferral Plan. What are the pros and cons of each plan, and are there any specific tax consequences if she chooses either of these plans? Additionally, could you refer me to an IRS publication for more in-depth knowledge on this matter?

May 31st, 2024

My client is importing products from China, England, and Germany. For China, the product is 40082100 with a value of 20k-30k. For Germany, the product is also 40082100 with a value of 40k. For England, the product is 39211390 with a value of 50k. What are the taxes imposed by USA customs on these products?

May 5th, 2024