asked
The living trust of a deceased family member has two beneficiaries. The beneficiaries will share equally when the trust's assets are distributed. The trust document is silent as to dividing income. With the agreement of the beneficiaries, can all the trust's income be assigned to one beneficiary and reported on his K-1?
July 19th, 2024
How can I calculate how much I may expect to owe in taxes if I withdraw from my 401k under the CARES Act, considering I've held two different jobs this year and want to avoid being bumped into the next tax bracket?
January 30th, 2023
I am a 75-year-old retired engineer who made monthly RMD withdrawals totaling $80,000 from January through August 2020. I then learned about the waiver of RMD requirements for 2020 due to Covid and returned the $80,000 to my IRA account on August 18. My questions are: 1) As of now, do I have zero taxable IRA withdrawals? and 2) If I withdraw $100,000 before December 31, is that the only taxable IRA withdrawal?
September 6th, 2024
As an independent contractor working in content creation and social media marketing, if I buy a new computer for work, can I write off the entire amount on my taxes?
May 25th, 2023
I received a CP503 notice stating I owe $733.38 in unpaid taxes for 2019, due by December 31, 2020. I had requested an extension and later filed my taxes through an accounting firm, which submitted an amended return dated 07/29/2020, expecting a refund of $37. Why do I now owe $733.38, and how can I resolve this?
March 31st, 2024
Why is the Foreign Tax Credit (FTC) not refundable for a C Corp in Delaware, and are there other ways to get refunds?
June 26th, 2024