I paid an Alternative Minimum Tax (AMT) of $5,000 last year and am unsure if I should have paid it. My Adjusted Gross Income (AGI) was $160,000, I paid $28,000 in mortgage interest, and I file jointly with my spouse claiming 3 kids. On the AMT worksheet, I entered $3,500 in interest used toward the house, which may be incorrect. This year's tax filing did not prompt me to file for AMT, and I noticed a significant difference in my returns from last year to this year. What should I do?

May 22nd, 2023

How can I avoid paying the tax on an IRA (annuity) from which I had to transfer $50,000 to my ex-wife in our divorce settlement? My attorney failed to include this in our divorce decree and now I am faced with paying $15,970 in taxes on money I did not receive.

October 7th, 2023

I have been in 'non-collectible' status with the IRS since 2009 for taxes owed in the amount of $25K. I filed for an extension for 2010 tax but have not paid. I was able to work enough in 2010 & 2011 to survive but now owe an additional $10K (approx) in tax. I am currently unemployed and have exhausted all my assets, savings, stocks, money, or the ability to borrow. What shall I do?

November 13th, 2024

If I perform work under my Florida LLC in NJ, am I considered a managing member and employee of the LLC? If I perform work in NJ, am I considered a NJ worker? If I hire a contractor to do the NJ work, is that contractor considered a worker of the LLC or an independent contractor and only an expense to the LLC?

July 2nd, 2024

Last year, I received employer disability payments totaling $27,657 (pre-tax). However, after completing my tax return, I am showing that I owe nearly $3,000 in federal taxes. How do I enter my disability payments on my tax return?

March 5th, 2024