Where should I insert the result of Form 4562 for amortization of research materials, as the instructions for Form 4562 say to put it on Schedule A, line 16, but the instructions for Schedule A explicitly limit what can be entered to their list, excluding what would be on my Form 4562?

January 27th, 2023

With credit card companies no longer requiring a signature, should I keep receipts for business expenses which can be recovered on credit card statements, and what does the government require for tax deductions in this context?

February 5th, 2023

A 23-year-old filed his taxes as 'independent' after his father filed his taxes and claimed the 23-year-old as 'dependent'. The 23-year-old's taxes were rejected, and he now owes money. What is the path to navigate this?

July 8th, 2023

My husband and I got married in 2010. He owned a rental property prior to our marriage and did a deed in lieu of foreclosure in 2011. I own a primary residence in my name only. We will receive a form 1099-C and be responsible for the deficiency debt. Should we file our taxes as "Married Filing Separately" so my husband can claim insolvency? What assets must we list for my husband on the insolvency worksheet? We own two cars in my name, have a joint bank account, a savings account in my name only, and I have an IRA. Do we have to list half of the value of the cars, joint bank account, savings account, and my IRA under my husband's assets? We live in Tennessee.

February 4th, 2024

My sister's divorce is supposed to be final, but she has found out that her ex-husband owes over $140K in taxes from cashing in a 401K without paying taxes. She had agreed to file jointly but now wants to file separately. Is she able to file separately, and if so, what are the implications, especially since she lives in a community property state like Washington?

December 10th, 2023