I have been trying to file Form 1045 for loss carryback to 2012. I believe I have all the answers, except for Form 6251, line 11, which is the alternative tax Net Operating Loss Deduction. I am confused about how to adjust the NOL to the alternative tax NOL. Can you help?

February 10th, 2024

A tax lien has been filed, and a payment plan has been set up. Payments are being made, but the lien is stopping the loan process for company expansion. How can the lien be removed once the payment plan starts? Are there any hardship causes that could lead to the lien being removed? What are the steps to achieve this?

June 11th, 2023

I am a 23-year-old college graduate working for $12/hour and managing my mom's real estate property. I also formed a real estate LLC with my brother and plan to start another LLC for selling shirts. Is there any way to reduce my income tax from my job so I can invest more into my companies?

September 5th, 2024

A grandmother on disability, who has temporary guardianship of her minor grandson and files as head of household with him as her dependent, wants to know how the grandson's Social Security benefits and a lump-sum payment received in 2014 should be reported for tax purposes, and if the total amount over $25,000 affects the taxability of these benefits.

April 17th, 2023

My husband's mother passed away in April and left investments to his brother and him. The amounts are 6,042.90 (no tax taken), 2,016.76 (no tax taken), 28,943.76 (4,341.65 tax taken), 2,578.17 (257.82 tax taken), and 17,168.81 (2,575.36 tax taken). These are from different investments, including a small life insurance policy. We live in Florida, and she lived in New York. We gave some of this to our sons to pay bills and kept the rest. We want to know how this affects our potential tax liability and what steps we should take before April.

December 11th, 2023