We are considering asking high school students to record video sporting events for our company, but they would not be employees. If we pay them cash, we assume we would have to send them a 1099 form for amounts over $600. However, if we give them prizes or gifts instead of cash, do these also need to be reported and taxed?

August 8th, 2023

Why does California's tax return include a line for deducting state income or sales tax if California does not allow such deductions, and how should taxpayers handle this line on their CA return?

September 10th, 2023

I want to add my girlfriend to my home's title so she can make the property tax payment and claim the federal deduction, which will be more beneficial to her. I own the home outright. Can we do this by granting a minimal share of the home to avoid a large transfer tax, and do I need to file a quitclaim deed to put her on the title?

August 17th, 2023

Can I use my second IRA to fund the amount removed from the first IRA and gain myself another 60 days if my house does not sell within the initial 60-day period?

April 1st, 2024

I have a Tax Sheltered Annuity (TSA-1) through my former employer, Caldwell County Schools, in N.C. I recently accepted a job in another school system more than 100 miles away. Can I withdraw the entire sum ($9,072.20) now without having any money withheld for taxes or penalties? I do not like the company (ING - Realastar Life Insurance Company) and wish to select my own company in which to deposit the funds. I would like a check made payable to me in the full amount of $9,072.20 and I will deposit it in an acceptable retirement plan myself within a reasonable period of time. Don't I have the right to do that? Isn't there a certain period of time in which it must be deposited in order to avoid a penalty and not have any taxes withheld now? I simply want all of the money now! Thank you!

January 29th, 2024