asked
My wife and I purchased a home in 2006 and took out a home equity line of $75,000 along with a mortgage of $375,000. We used the line to renovate three bathrooms, but I no longer have documentation or receipts. We have not used the line in over 9 years but still pay $2,600 in interest annually. Is the interest on this home equity line still tax-deductible after 2018?
March 17th, 2024
Lane Taxpayer is 75, retired on disability as a firefighter in GA. Receives 1099-R's from GA Firefighters Pension and City of Atlanta Firefighters Pension. Both 1099-R's have blank amounts in the taxable amount box, not zero, just blank, and taxable amount not determined box is checked. Client is new to me. Previous preparer has not included these pensions as taxable ordinary income. Distribution code 7. Is this correct - these distributions are not included in income? As far as I can gather, this has been the situation back to 2017 if not before.
September 25th, 2023
In QuickBooks, I mistakenly entered my business privilege tax number instead of my Withholding Tax Account Number. I received a letter from the Department of Revenue when I first registered my company. Is this letter likely to contain my Withholding Tax Account Number, or will it be a different number?
June 17th, 2024
As a residential general contractor in Texas, I only do fixed-based contracts. I have questions about taxes related to services provided by vendors. For example, when I hire a window company to build and install a shower door, the invoice usually includes the cost, no tax, and the final cost. I add a percentage markup on their product and installation, which is included in the overall contract. I understand that the window company pays taxes at their end. However, when I buy building materials from Home Depot, I pay taxes immediately. I do not pay taxes on my overall profit, unlike on a commercial project. Can you clarify the tax implications for these scenarios?
October 13th, 2023
I am an S Corp owner planning to dissolve my business. I have already sold some assets and plan to keep one personally. I need guidance on the correct order of steps to dissolve the S Corp, including filing final tax returns, transferring assets, and handling remaining cash, while ensuring compliance with IRS regulations.
May 14th, 2024
I'm filling out a W-4 and a DE-4 (California) for a new job. I don't owe any taxes from last year and I don't expect to make over $10,000 total in 2020. Should I claim exempt on these forms or fill them out normally and potentially file for tax returns in April?
December 3rd, 2023