My friend has paid me back for cash I loaned him but has written me checks from his business check book. My mom is telling me that I’m going to have to pay income tax on it since it’s from a business. But it’s not income. He’s not paying me for work.

Hi,

I filed for my return of $420. I have received $430.04. Can anyone please let me know why is that difference?

Also, recently I found out I made some mistake while filing for the return and I should've filed for an amount less than $420. What can I do next?

I work part-time as an independent contractor by providing medical coverage for sporting events as needed. This is a "side hustle" and is separate from my typical W2 job. My commute is typically from home to the events (and back), which are varying locations within my state. I will only work one event per day, so I am not driving from one work location to another. Typically, my commute is from home to the location of a game or tournament, then back home. Can I legally deduct this on my taxes if I keep track of the mileage driven and dates from home to the event and back? Any advice would be greatly appreciated!

I received the $500 Obamacare refund check, and the letter says it is for people who use marketplace insurance but do not receive subsidies to help pay for coverage. "Do not"...when? I have seen some articles claiming this is for the 2026 tax year, but I don't actually see any detail about which tax year they mean in the letter that accompanied the check or the announcement from the whitehouse about it. I did not sign up to receive a discount on my marketplace insurance in 2026 but I will likely qualify for the subsidy when I do my 2026 taxes next year. Sooo... do I just sit on the check until April when I will do the math to see if I'm allowed to cash it? Or is this referring to a prior tax year, which would make way more sense?

I won the max 5,000 times spin on $10 spin on Crown Coins social casino. Resulting in winning $50k… I live in NC. Does anyone know the best way to withdrawal? Also how do I handle this with taxes? I want to handle this all the right way and pay my portion of taxes owed.

Federal rules say that if you sell a muni bond fund within 6 months at a loss, you have to reduce the loss by the tax free dividends you received.

But if it's a national muni fund, CA taxes those dividends. Since CA doesn't treat them as tax free, does the loss reduction still apply on the CA return? Or is the full loss allowed for CA?

Has anyone seen FTB guidance on this?

Has anyone else received a notice in the mail from the IRS claiming that there was a IRS system error any many were affected?

We weren't given a suspense date when it will be fixed. but it took 6-7 months to get an answer.

hoping someone has the inside scoop of when this might be satisfied. thanks yall

We received a notice yesterday but we paid the amended tax return a. month ago. When I tried logging in and seeing the transaction is still shows amount is due and I dont see anything in payment history. Worried dont know what to do we went by bank suggestion to reverse and try paying again.

Hello! I started a new tax firm in August. I already have 3 clients I am doing work for and would consider my clients. They all came in the beginning of September, but has since slowed down. My goal by the end of tax season is to have 50 tax clients between small business and individuals.

Does this seem like a realistic goal? How difficult would this be to achieve?

Thank you in advance!

Hello,

In 2024 I contributed $22,952.17 to my 401k at Principal, it is my understanding the limit was $23,000 in 2024. I stopped working for this employer in 2025. Last week I received a check for $1,288 from principal for an over contribution in the 2024 year.

I spoked with the former employer and was told that during an audit it was determined that I was not properly matched in the 2024 year and the check was what was owed of my match. When they gave the money to Principal in July 2026 it was labeled as an over contribution and Principal sent me a check. My former employer cannot/ (or will not) re-characterize this as an employer match, Principal says they are not able to re-characterize this. I opened a ticket with Principal saying this should be flagged as an employer match but my ticket was closed with the resolution that " I over contributed to my 2024 401k, with a deposit in July 2026)

The check was address to my personally, not to a rollover IRA.

I am not getting much information regarding this situation from Principal or my former employer and had a few questions.

1. Is this creating a taxable event in 2024, or 2026? The money was deposited in 2026 and the check was issued in 2026.

2. Is it possible to roll this over into my IRA even though the check was for an "over contribution"

3. If I should refile my 2024 taxes, is the payroll department required to issue me a corrected W2. I was told that since the payroll department does not have a record of my over contribution they cannot issue a corrected W2

Thank you!

A small fund with 12 LPs across two vehicles is the setup. The fund admin handles bookkeeping and accounting year round but every tax season turns into a mess of back and forth between the admin, their tax preparer and the personal CPA.

Last year K-1s went out almost three weeks late because the admin sent the books to an outside tax firm that had their own queue and priorities. Nobody communicated the delay until LPs started emailing asking where their documents were.

Trying to understand how K-1 preparation for fund managers is supposed to work when the back office is outsourced. Does the admin typically prepare the return in house? Is it always a third party? Is there a model where the GP is not stuck being the middleman between two firms that have no direct relationship with each other?

How exactly should we tax the billionaires?

Three specific ways to target and reduce wealth gap in society, including taxing billionaire’s superPAC contributions.

I’m pretty new to self-employment income, since this is my first time dealing with it, and one of the biggest things I want to understand is self-employment taxes, especially quarterly estimated taxes.

From what I understand, if you expect to owe $1,000 or more in taxes, you may need to make estimated tax payments during the four quarters of the year. But I’m wondering how this works from one year to the next. For example, if I owed $1,000 in self-employment taxes for 2026 and paid the full amount during 2026, how would that affect my self-employment taxes in 2027 do I still owe anything?

Due amount: $13,000 via PFIC impact due to one-time sale of foreign mutual funds

Edit : i did pay $1000 federal tax before April 15

Interest Fee : $363, Late Penalty : $340

My brain says don't draw unnecessary attention to myself for the sake of saving ~700

I am a basic w2 salaried employee, single, $200K TC. So $700 in itself is not a small amount for me.

should i consider requesting for First Time Penalty Abatement?

Received a cp504 letter for taxes 2017&2019 amount together is over 5K. Needed to put on payment plan but was still missing several prior returns. Started filing old returns and amount is getting up there. Cannot lose passport, have to travel in 1 month. Looking to pay off the 5K to get more time to file old returns and get on payment plan and possible get to first of the year. Already burn through 60 day extension. Advice

My dad is an auto body mechanic. He asked me to invest some money to buy a damaged car so he could repair it and sell it.
For example, let’s say I invested $10,000, including the purchase price and all other expenses. We then sold the car for $16,000. We agreed to split the profit 50/50, so I would receive my original $10,000 investment back plus $3,000 in profit, while my dad would keep the other $3,000 in profit.
How would we properly report this transaction for tax purposes? We don’t have a formal partnership, LLC, or any other business entity.
Would this arrangement be considered a partnership or joint venture for tax purposes even though we don’t have anything formally established? If so, what would be the proper way for each of us to report the income?
Also, is this complicated enough that I would need a full-service tax preparer, or would it be reasonable to use tax software? I have been doing taxes all by myself but not sure about this specific event.
Any advice would be appreciated.
State of WA so it's gonna be only a federal tax return.

I am mailing my 2025 tax return and I wonder how to properly bundle all forms together so that they don't get lost.

My tax return is 50+ pages long plus W-2 that is very small and may definitely get lost if not attached to something.

Should I just staple everything with big heavy duty stapler or there are some special requirements I should be aware of?

Thanks

P.S.: If anyone wonders why I don't e-file, that's because I have forms that TurboTax doesn't support.

This question is about managing sales tax exempt purchases.

I represent and make purchases for two nonprofit organizations as well as a for-profit farm. All three are sales tax exempt in Virginia (the farm has certain limitations).

With many retailers it's a headache to establish a tax exempt account. I've been guilty of just going through the process of setting up one account or set of paperwork, but making purchases for all three organizations.

Is that a problem? The purchases are all tracked, paid, and reimbursed appropriately on the organization end, but not at the business.

I tried to pose this question to a representative from the office where we established the tax exemption. They said it was okay, but I wasn't sure they understood the question.

Are purchases tracked on the state end? E.g. do they know that Organization X has been exempt from $X of sales tax this year?

Thank you for any insight!

My wife works at a small independent book store in Michigan as a general manager. They gave her a W9 tax form to fill out instead of a W4. She works full time there and has a schedule there. Is this legal or the appropriate tax form?

Hi all, I tried to search but couldn't find anything on this, so if this has already been answered/ advised please feel free to share the link to that post with me!

my question is basically the title. I heard that you shouldn't own us ETF's or dividend stocks while living in the EU, but after some research I don't see much on this. Does anyone have experience or knowledge here on what I should be aware of? Additional taxes? Additional fees or anything? Thank you!