If you provide more than one-half of their support, then you can claim your parents as dependent on your income tax return.

You should apply for your wife's tax ID #, and on the paper return that you file, write in "applied for" where it asks for her SSN.

Typically, an actual copy of the entire trust document is not recorded ---- just a shortened document called a "Memorandum of Trust." This is...

My best advice is to report correctly for 2023 and on a going-forward basis. Don't worry about amending prior years.

There is always that chance. However, at present, IRS computers do not seem to be linked chronoligically, so you may be OK. Best to report this...

When someone has a debt forgiven, they are considered by IRS to have received income in the amount of the cancelled debt. The lender will send...

If you are not sure why you owe so much in taxes, consult a CPA or enrolled agent and ask them to review your computations to make sure they are...

The most important thing is that you get your tax return filed on time. So file your tax return without claiming your son, and claim him on next...

"Contractor on a W2" is a contradiction in terms. If you are an independent contractor, you will get a 1099, not a W2. Companies give W2's to...

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First of all, you cannot file for bankruptcy unless you have filed your most recent 4 years of tax returns. And if you filed your income tax...