I'm buying a house in Edison, New Jersey, which is an old construction with a property tax of $6500 for 2015. If I demolish it and make new construction as my own residence, or add a story to the old construction, will it cause a hike in property tax? Also, if I buy the old house today but don't make any construction changes and don't move in for the next three years, will I still have to pay property tax? If I'm late on paying property tax, will there be any penalty, and would it be a permanent increase in house tax or just a one-time fee?

June 5th, 2024

My Mom wants to give me and my siblings $20,000 apiece and she wants to know how she can do this without her or us having to pay taxes on it; is there a way to do this?

September 3rd, 2024

I live and work in Finland for a US company located in California, and I receive a 1099 form at the end of the year. My Finnish bank is requiring me to fill out a W-9 form. I have filled out the form with my name, address, tax classification (individual proprietor), and my social security number, but I am unsure about what to put on line 4. Do I need to fill out line 4, or can I just sign the form and submit it to my bank to ensure the US does not withhold any taxes since I pay all my taxes in Finland?

March 19th, 2024

My 53-year-old wife has a C corporation from which she takes a salary as an employee and has a solo 401(k) plan with Fidelity. Does she need to take all of her salary deferral, including the catch-up, to total $24k before the end of the year since she's an employee and gets a W-2, or can she wait until April 15th and do it all then?

May 8th, 2023

Can I deduct the cost of sponsoring an event for a non-profit, such as spending $1000 on a social event and raffle, if I receive a charitable donation receipt from the organization?

February 1st, 2023