If someone overfunded their IRA in 2008 and the return has been audited by the IRS, can they still amend the return to add Form 5329? Should they take the excess money out?

June 7th, 2024

I wanted to get a $400,000 loan from a rich guy I know, and I wouldn't have to pay him back for 15 years. I would pay him back in increments of 25% of the loan per year and an additional $20,000 after the full amount is paid off. I am going to school currently and starting a renewable energy business, and he wants to help me focus on getting everything done by relieving me of my immediate financial burdens so I can focus on the goals at hand. My question is what amount of this money will the government consider if my bank account suddenly has $400,000 in it?

November 18th, 2024

I received my tax refund check last week. I opened a personal account at Bank Atlantic to deposit the check, but they placed a hold on the account and asked for my HUD-1 from the closing. My refund was for the first-time homebuyer credit. Is this a normal procedure?

September 26th, 2024

Can I submit the receipts for my pet medication through my flexible spending account if it's 'human' medication, just for a dog?

August 24th, 2024

I make $65,000 a year, my wife doesn't work, and we have three children, one of whom was born this year. I currently average about $5,500 back on my taxes due to the high amount of interest I pay on my mortgage. I want more money on my paycheck every two weeks instead of getting a big tax return. How can I adjust my W-4 allowances to achieve this?

January 6th, 2024