Matthew C. asked
We received a letter saying we were getting a different refund due to the Refundable Child Tax Credit. We have two children and during the course of the year 2021, we only received the extra money for one child of $250, not the $500. Why was money taken away?
March 5th, 2024
Michael M. answered
The discrepancy in your refund amount could be due to several factors, including how the IRS calcula...
March 5th, 2024
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My tax return has been cut in half and I want to know why. I am located in Chestertown, Maryland, 34 years old, with one dependent. My gross income was $47,907 and taxable income was $28,857. I noticed my son's DOB isn't on the paperwork and the refund amount is now $3,181 less than expected. I suspect issues with stimulus payments or my son's information.
February 23rd, 2023
How does the IRS value sweat equity in a partnership? We started a business and some partners contributed money, while I contributed my time to do the construction of the place. The material was purchased with the money contributed by the other partners, and I contributed in doing the construction work. I estimate my time was worth about $20,000. Do you put $20,000 as the value of my contribution to the partnership and $20,000 as part of the construction cost of the business?
June 21st, 2023
Why does my wife's IRS notice show a zero balance, but mine still shows a balance when we file jointly?
November 3rd, 2023
My 2021 tax return has been rejected twice. The adjusted income I show on my return is wrong according to the IRS. I can’t find my code. How can I get the figures I need to file this?
October 17th, 2023
Is there a tax to pay on money from an accident claim?
February 19th, 2024