Under the new tax law, how does the Disaster Relief Bill affect the penalty for early retirement withdrawals and the casualty loss deduction, especially in federal disaster areas like the flood in Louisiana in August 2016?

October 29th, 2024

My wife and I own houses in Wisconsin and Florida and currently claim Wisconsin residency. I own a consulting business based in Wisconsin but am currently working from Florida. We are considering changing residency to Florida to save on state income tax and qualify for Florida's homestead property tax exclusion. Would it be better for both of us to claim Florida residency, or for only me to claim Florida residency while my wife remains a Wisconsin resident? We also have a large amount of unused capital losses in Wisconsin that might be lost if we both leave the state.

March 22nd, 2023

Can I file my personal taxes with my company's K1 before my company actually files its taxes?

September 22nd, 2024

The estate bought a house for $150k in 2006 and sold it for $100k in Dec 2017. Is there any offset we can use against the tax liability caused by liquidating IRA funds to pay the mortgage deficiency?

November 24th, 2023

I have a rental property. I know that rent income is taxable, but are security deposits, utility deposit refunds, and money from the tenant for damages considered taxable income? Should all income received for whatever reason besides rent be the amount to be reported on my 1099 misc income?

September 10th, 2023