My wife's private employer switched how they handle taxes last year without informing her until late December 2013. This resulted in my wife having to pay all federal and state taxes on her own. Is this legal and is there any remedy?
September 23rd, 2024
My Required Minimum Distribution (RMD) increased my taxable Social Security benefits from 26% in 2012 to 60% in 2013, resulting in a higher tax rate of 28% on the RMD. Is there any way to avoid this?
October 7th, 2023
I am a self-employed realtor who has not filed income taxes since 2008. I owe almost $70k in back taxes for 2006 and $15k in state taxes (GA). My wife and I are getting a divorce, and I want to know a strategy to tackle this tax debt, including the possibility of an Offer in Compromise, filing all back taxes, and removing my wife from the tax debt since it's my responsibility. How does our divorce affect this situation, and what should I look for in a CPA to help with these issues?
January 15th, 2024
I am considering investing in a rental house with a friend. Can arrangements be made where I can take most of the depreciation in the early years when I need the write-off, while my friend does not? Should we use an LLC or another agreement for this?
March 1st, 2023
If both husband and wife are self-employed and the wife did some work for the husband, with the husband paying for it, should the husband issue a 1099-MISC for this job, or is it sufficient to report the amount on the wife's Schedule C in their tax return?
August 24th, 2023
I took a new job this year and moved to a neighboring state, 100 miles away from my home. I have rented an apartment near my new job to avoid a 3-hour commute and go home to my family on weekends. 1. Is the apartment considered a deductible business expense? 2. In which state do I pay state taxes? 3. To whom do I pay local taxes?
September 1st, 2024