I took an early withdrawal from my Roth account, and my 1099-R form has a New York address, but I live in Florida. Will I have to pay taxes to the state of New York even though I live in Florida?

November 12th, 2024

I have heard there is a rebate on all personal expenses in 2016. Is this true?

March 26th, 2023

Are the costs for transportation to dialysis treatment three times a week and doctor's meetings at Mayo Clinic deductible as medical expenses?

November 2nd, 2024

Can I use the DOT per Diem Meal Break on my 1120S for my single member LLC taxed as an S-Corp in the long-haul trucking business, and how does it affect my K-1 and personal tax return?

December 6th, 2023

I started an IT consulting business as a sole proprietor in 2016. My wife helps with office work, but I didn't make her an employee or run payroll for her in 2016. This means she couldn't contribute the $18K employee contribution to her solo 401K for 2016. My question is about 2017 and beyond. If I find a permanent job as a W2 employee starting April 2017, and my business earns $30K in Q1 of 2017 but nothing from April to December, can I run payroll for my wife in 2017 and pay her $20K so she can save $18K as an employee contribution in her solo 401K? Also, if the business earns no money in 2018 but I keep it open and continue running payroll to pay my wife $20K annually, can she save $18K in her solo 401K without it being risky? What about the following years? My goal is to maximize our retirement savings and reduce tax obligations.

October 7th, 2024