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

I started an LLC last year and filed form 2553 to change to an S-Corp, but mistakenly made the filing retroactive to 2014 instead of 2015. I didn't pay taxes, receive a W-2 salary, or take any deductions. Is there a way to change this to remain an LLC, and if not, what are my options for filing?

December 5th, 2024

I am an Independent Contractor who spent $550.00 to file my taxes last year because they charge by the form, and I had 23 companies I worked for. Is there a way to file my taxes cheaper, especially since I own my own company and had a baby last year?

December 22nd, 2023

I have a small business on my home property and want to deduct my mortgage interest on Schedule C, Form 1040. If I have a business loss, does this change the amount of mortgage interest I can deduct? Additionally, if an accountant incorrectly filed my taxes without using Form 8829, does this increase the likelihood of an audit, and can the IRS retroactively correct and charge for previous years' filings?

April 14th, 2024

I didn't report income and now got an overpayment letter. I had filed for bankruptcy during the time they want me to pay back income. Will this be enough for them to rescind the overpayment demand? What are the penalties for overpayment? I don't work two months out of the summer and just ask for food stamps during that time. Then they send me letters saying I'm in a special group that gets their aid automatically extended. How am I at fault?

August 31st, 2023