If federal taxes were filed on time but the amount due was paid 2 days late by credit card, what is the penalty & interest, how soon will I be notified of any penalty, and does this affect chances of being audited?

January 28th, 2024

I'm a merchant mariner whose permanent address is in New York City. Currently, I'm being charged about $7,000 in NYS taxes. I only resided for 4 months in NYS in 2005. What are my options to not pay state taxes since I lived elsewhere for a total of 8 months?

December 22nd, 2024

This year I have significant business income and a much more significant realized capital loss in the business. What can I do to reduce a looming tax bill that I can't pay?

October 22nd, 2024

I am a Canadian dad looking to help my 19 and 21-year-old kids start in real estate. They are attending school and do not have jobs to get a mortgage. How can I avoid capital gains on the sale of these houses when they are sold? Can I place their names on the mortgage documents and act as the co-signer?

April 2nd, 2024

I am a part-time teacher barely surviving, living paycheck to paycheck. This year, I made $24,311.48 in income from my teaching job, which withheld $1,804.35 in federal taxes, $1,507.34 in social security, $352.55 in Medicare, and $319.61 in state taxes. I also had a babysitting job over the summer earning $2,322 with no tax withheld. Do I have to claim this income, and will I get audited if I don't? Additionally, can I deduct car repairs if I used the car for babysitting?

July 28th, 2024