With our income of $61k, shouldn't we be at 0% capital gains and not 10%?

October 23rd, 2023

I have a sole LLC for a home remodeling company that I made in 2013. My brother and I both invested our money to buy a house in that company name and remodel it for a flip. We have put in about 20-30k each. It is on the market now and waiting to be sold. We are doing taxes and my question is if I add him on to the LLC as half owner but it wasn't until after Jan 1 of 2014. Will he be able to count the expense of him putting into the business for the 2013 tax return on his loss for this year's taxes? If not, how can he deduct those investments he made into the company? This is in Texas by the way. The company is a remodeling company. House purchase was done with hard money. Repairs both materials and labor was paid for by my brother and himself.

October 7th, 2023

We received a 1099-INT for my deceased father, but the interest should have been reported under my mother's name. The bank cannot correct the error. How do we report this interest on her taxes for this year?

September 30th, 2024

Regarding Form 1040NR for nonresident alien income tax return: where do you report U.S. bank interest on the form?

February 13th, 2024

I plan to offer income tax preparation services to individuals who may or may not have owned a business, sold stocks, or have rental property, but excluding partnerships and corporations. What would be some good software preparation resources/tools for me to consider using?

August 9th, 2024