This is the 1st year I am not claiming my sister who I had custody of since she was 15 and then went on to college. Last year she was not in school but received a 1098-T form with adjustments to tuition and expenses for the prior year. Since I claimed her last year, do I need to add that to my taxes this year and if so, how?
April 24th, 2024
I am the owner of an S Corp and have been selected for an audit. My main concern is that my salary of $25k, which has been consistent for the past 5 years, may be deemed unreasonable by the IRS. How can I defend myself if they challenge this, and what is the best course of action?
October 10th, 2023
Can I claim the sale of my mother-in-law's house on her taxes, even though it was deeded to my wife? She only sold it to cover her mother's bills at the nursing home.
October 14th, 2023
If a taxpayer is starting with a zero M-2 balance because prior year distributions exceeded AAA balance by $5k, in the current year, do you need to make a reduction (other reduction) on Schedule M-2 to reflect this, making the ending M-2 balance tie to the retained earnings account?
September 19th, 2024
My wife's doctor suggested a gluten-free diet, even though she tested negative for celiac disease. She feels better on this diet. Can the additional cost of gluten-free food be deducted as a medical expense on our taxes, and are there any differences in tax rules in New Jersey regarding this?
September 18th, 2023
What can I do to clear up a misunderstanding with the state of North Carolina regarding my residency status for tax purposes? I moved out of North Carolina in 2008 and received a license in Tennessee. I have been overseas since 2005 working in SWA, and prior to moving from NC, I always filed for tax exemptions for Federal and State Tax each year I was still living in NC (2005, 2006, 2007).
April 22nd, 2023