asked
My wife and I were both born before January 2, 1943. Last year, my tax preparer claimed tax deductions of $12,300, whereas the standard deduction shown was $10,300. This year, I am filing my own tax return for 2007 and I see the standard deduction set at $10,700. Can I add an extra $2,000 as last year, and how was the extra $2,000 deduction justified?
December 1st, 2023
I am a tattoo artist who made $9825 in cash deals this year with no receipts. How should I report this income and what are the potential consequences?
December 11th, 2024
I used TurboTax online to file my taxes. Last year, my deductions were $43,715, but this year they are $24,334. I claimed 2 dependents last year and 1 this year. What could have caused such a significant difference, and is there anything I should ensure to include if I start over?
June 2nd, 2024
I have a question regarding city taxes and residency. On my city tax return, I have choices for part-year, full-time, and nonresident. The city in which taxes were taken out for was not the city I worked or lived in for the tax year, but my permanent residence is in that city. I have not lived in that city for close to 8 years, but I always list the address there, my parents' address, as my permanent address. I did not have a city tax return problem doing this until I moved to a city neighboring that city last year. My employer then informed me that I would have to pay taxes for that city. So, does my permanent address determine whether or not I am counted as a full-time or nonresident, or does the actual place that I lived and worked count?
May 24th, 2024
How do I calculate the cost basis for mutual funds when I purchased 600 shares for $8,000 ten years ago, all dividends and gains were reinvested, and I sold all 1808 shares this year for approximately $19,000?
August 23rd, 2023
My wife and I are separated but still married. We filed our taxes together, but she had the refund deposited into her bank account against my wishes. I was not shown any confirmation or proof of the exact amount, and she refused to provide documents from e*file or a statement showing the exact amount of the electronic deposit. She just gave me money and claimed it was half. She gathered my W2 and our info on the house for the homestead. We have three kids, and she didn't account for much of the income; about 75 percent of the income was mine, including 1099s and some early 401k withdrawals. I have nothing to go on other than SS#s, addresses, names, and employment info. I'd like to find out exactly how bad I was cheated. Can you help? We are in the lower tax bracket, and the amount I was given just didn't seem fair based on past returns. We are supposed to split it down the middle, and I need help.
September 15th, 2024