I received an EIP letter number 6475. What should I do now?
August 22nd, 2023
I currently work 2 jobs and filled out a W4 form for my second job, but it is not withholding taxes because I marked myself as exempt. I want to ensure I get a refund at tax return season and that I'm paying enough in taxes. How can I adjust my W4 form for my second part-time job to achieve this?
July 5th, 2023
If I sell my restaurant for $175,000.00, with approximately $125,000.00 in goodwill and $50,000.00 in inventory and equipment, and we have $65,000.00 in debt, what would my tax liability be?
June 23rd, 2023
I'm having problems filing my 2017 taxes. It's rejecting it because of the 2008 homebuyer credit that my husband and I did back in 2008. Since 2009, we have been paying the required yearly $500 back up until 2016 when we had to move because we got behind on our payments. The home was contract for deed. Last year when I did our taxes, I put that we didn't live at the residence and it took $700, and I didn't think anything of it. However, this year it is rejecting it, and I was told it's because the computer software (TurboTax) is thinking we sold the house. I was told I needed to amend my 2016 tax return maybe. What should I do?
February 22nd, 2024
I filed my 2017 taxes with TB. The IRS has returned all of my payment that I owed. I do not understand why and I cannot reach anyone at the IRS to find out. Can you help me?
November 11th, 2023
I became a US citizen in September 2018 and obtained my Social Security Number in November 2018. Previously, I had only an ITIN and never paid any Social Security taxes even though I have been filing tax returns since 2012. How many credits (for retirement benefits) will I get from Social Security in 2018, given that I am going to pay Social Security taxes for all my 2018 ordinary income, which is higher than four times the minimum earning?
August 20th, 2024
I converted my prior condo to a rental property and believe it falls under passive income. I read that I can amortize loan costs (not included in my cost basis) on line 42/43 on form 4562. Is this true? If I refinanced multiple times, can I include these loan costs? Should I take this deduction and how do I do it? Additionally, I replaced a hot water heater in 2018 myself and understand that if the cost is under $2500, I can take the full deduction immediately using safe harbor for small taxpayers. Is this correct? If so, can you provide sample language for the letter I need to include? Is there a difference between the safe harbor for small taxpayers and de minimis? I thought one allows including improvements with the small taxpayer but not for the de minimis. Just want to make sure I'm referencing the correct part of the code.
October 21st, 2023
Can I claim California State Tax deductions on my 2018 tax return if I don't itemize deductions? Specifically, I paid a total of $2,662 in 2017 ($1,070 estimated and $1,592 paid in 2018 for 2017) and $1,600 in estimated CA State Tax for 2018. Additionally, is my car registration fee of $272 deductible without itemizing?
June 17th, 2023
How do I know if I am qualified to receive Social Security retirement benefits, and where can I apply if I am?
March 27th, 2024
Do I have to pay State, local, FICA, Medicaid taxes on an annuity from my ex-husband's military retirement pay, and do I have to pay federal taxes on it?
March 13th, 2024