On our Virginia Form 760, we qualify for the Age deduction of $24,000 if one spouse only has $1500 in earned income over and above Social Security Income. Do we need to reduce the deduction to $13,500 or can the other spouse take more than the $12,000 deduction?

July 26th, 2024

I own a digital marketing agency that uses a broker model. I was issued a 1099 for $2,226,000, with $2,126,000 paid to the brokered agency, resulting in a profit of $100,000. Where do I list the $2,126,000 expense on Schedule C, and how does the IRS know the majority of this money was sent to the agency that provided the leads?

September 30th, 2023

My son, who has lived and worked in London for 15 years, inherited an investment account last year with approximately $20K in income from that account. He earns less than $100,000 a year in the UK. Does the foreign tax credit on form 2555 also take away the money he earned here? I am also curious about how it should be handled in CA.

April 1st, 2024

I am 74 years old and cashed out my IRA annuity due to terminal illness, with a doctor's letter stating I will die in 12 months. Do I have to pay taxes on cashing out the annuity?

April 12th, 2024

Where do I deduct the shareholders' solo 401K non-elective contribution on form 1120S, and does this also become a below the line deduction on the taxpayer's 1040?

March 19th, 2024