Withdrew $100,000 from a profit sharing account ($20,000 withheld for taxes). Paid $78,710 to the IRS for previous taxes, penalties, and interest. Is any of that (aside from the $20,000 withheld) deductible from this year's return?
March 19th, 2023
Could you please recalculate our max contribution in 2017 to our SEP IRA and Profit Sharing 401k when Schedule C line 30 shows $60,007? Also, can we pay into an HSA today for the 2017 tax year? Please let me know ASAP, we are at our tax lady's office now.
November 24th, 2023
My dependent's social security card was lost and replaced last year, and we suspect it was used by someone else, causing my tax return to be rejected. I have proof that the dependent lived with me for 6 months last year and I am his custodial grandmother. What should I do to claim him on my taxes?
October 20th, 2024
I inherited my family home and received a 1099-S for $95,000. I am unsure if and how I need to report this on my taxes. The sale date is 7/13/18, and my mother passed away in 1979. I lived in the home from 1979 to 2018.
December 30th, 2023
I am a physician in Michigan who received a recruitment loan from a hospital during my medical school years, with a promissory note requiring me to work for them for a certain number of years after graduation. The hospital did not tax the loan at the time, but now, after I have worked there for over a year, they are treating the loan as income, adding it to my paycheck, and taxing me at my current high tax bracket. They are also charging me interest on the loan, which they are adding to the principal, and then taxing that total amount. I believe this should be treated as a bonus and taxed at 25%, not my current tax bracket. Is this legal, and what should I do?
January 15th, 2023
Do I need to file a corrected form for my 2018 tax return, which I filed on February 8, 2019, but failed to enter the amount of taxes paid, which was $580? Will I get this refund after checking my account?
September 12th, 2024
I am both a sole proprietor in one business and a partner in another. How do I file a 1065 for the first time, and where do I claim the expenses for the partnership? Additionally, where do I claim the cost of supplies sold for both businesses?
December 14th, 2024
I am trying to pay my estimated taxes online and the identity verification page is asking for the tax year for verification. I want to use 2009 since that was my last filing, but the drop-down menu only goes back to 2014. What can I do and how can I pay?
November 10th, 2023
I recently moved and lost my tax file containing all my 1099 forms. I have requested duplicates but they won't arrive in time for the October 15 filing deadline. What should I do, especially since I believe I will be entitled to a refund?
July 12th, 2023
Can Section 179 be taken for $25,000 on a fixed asset (an automobile weighing less than 6,000 lbs) purchased by an S Corp on 10/15/2015 for $60,000, used 70% for business, and if so, does the remaining $18,200 of basis get depreciated under the MQ convention?
March 1st, 2024