asked
My husband and two co-workers have completed a consulting contract and need to invoice the company. The co-workers want my husband to submit the invoice and distribute the payment. My concern is that we'll receive a 1099 showing my husband received the full payment, while his co-workers won't receive a 1099 since they technically received no funds. Is this correct?
May 19th, 2023
In middle TN, the state sales tax is 7.00% plus 2.25% in Williamson county, for a total of 9.25%. When purchasing a car or a boat, the applicable sales tax rate is only the state tax portion of 7.00%. When completing taxes on Turbo Tax, it allows me to deduct the sales tax paid on a car (7.00%) but not the sales tax paid on a boat (7.00%). Turbo Tax states that the sales tax on a car is deductible up to 9.25%, but for a boat, the sales tax must be exactly 9.25% to be deductible. Since I paid 7.00% sales tax on the boat, none of the sales tax paid on the boat is deductible. This seems arbitrary and illogical. Can you confirm that the sales tax I paid on the boat is not deductible?
July 10th, 2024
I am being laid off from my job in the state of CT. My severance payout is $21,634. How much of that is going to be taxed?
April 29th, 2023
If I worked this year and was paid cash for my services, can I claim it on my income taxes?
December 20th, 2024
What is the status of my tax return for the amount of $885.00?
May 4th, 2023
My wife received TDI benefits in Rhode Island after shoulder surgery, which caused her to be out for 5 months. She collected TDI $ which she contributes to in each regular paycheck. Now we have a W2 stating it as income, and our tax consultant cannot negate that claim using Drake Tax Software. We will be responsible for taxes on those $3500. How can we ensure this income is not taxable?
June 29th, 2023