What is the difference between a 501(c)(3) and a 501(c)(8) organization?

March 25th, 2024

If I receive a gift of $200K in one year, do I have to pay taxes?

October 20th, 2023

I am fully supporting my mother and filing her as a dependent on my tax return. I am paying her health insurance premium which is outside of my current Employer's coverage. Can I make her premium payments, copays, etc through my FSA through my employer? Also, my wife and son are dependents upon me and will be residing in India for the year 2013. She will not have any income from India. I will be filing a joint return for my federal taxes. What would be the best way to file the VA return?

June 26th, 2024

I claim single and zero and have grossed $96,000 as of 11-21-2012. Where can I put some money to avoid being put in a higher tax bracket and losing my $4,000.00 return at the end of the year?

February 20th, 2024

Are loans from LLC members to the LLC considered recourse or non-recourse debt? It is my understanding that loans from LLC members to the LLC do not increase basis, however, they increase the members' ability to deduct losses. The LLC has a loss in 2012 and the members individually loan the LLC money and take loss deductions up to their loans for 2012. The loans are expected to be repaid in 2013, however, the LLC is expected to incur a loss for 2013. Are there tax consequences to the members since they deducted the loss in 2012?

August 27th, 2023