1. Office furniture was placed into service on September 1st, 2002. Using the DDB method, I calculated the depreciation to be $2623.5 ($15,000 x .1429). Is this correct? 2. When a Partnership distributes $15,000 to each partner, does this go onto the income statement, and if so, under what title? 3. Are charitable contributions limited to 10% of total income, with the balance carried forward? 4. What are some examples of other deductions that can be listed on line 20 of Form 1065? 5. Delivery equipment purchased in 2000 for $18,000 was sold for $20,000 cash on January 2, 2004. Using straight-line depreciation, the accumulated depreciation is $4500 x 4 = $18,000, so the adjusted basis is $0, and the gain on the sale is $20,000. Is this correct?
November 30th, 2024
I turned 65 in September 2014 and have been receiving payments from the Swiss Social Security directly to my bank account since then. I live and pay taxes in the USA and do not have a 1099 for this. How do I file this revenue in TurboTax?
September 7th, 2023
I am withdrawing $35,000 early from my 401k IRA account. I live in NYC, make $146,000 annually, and file my tax returns jointly. I am 45 years old. How much federal and state taxes should I withhold?
November 15th, 2024
If I give a house worth $25,000 to the church jointly with my wife, what would I get back from that on my tax return?
November 16th, 2023
As a cosmetologist receiving a 1099 and having taxes not withheld from my paycheck, how do I determine how and where to pay my taxes, and how much I need to save from each paycheck?
September 26th, 2023
Can an individual give a 1099 to another individual and take the deduction for it on taxes? If an individual paid $8500 to help him do a job, how would he get the deduction? This individual is a W2 employee, but he had to pay another person $8500 in the course of getting the work done, for which his employer did not pay. How would he go about claiming that expense?
September 17th, 2024