In 2022, I received guaranteed payments for services rendered to the partnership/LLC of which I am a partner. Could these guaranteed payments be seen as me cashing out from the business and causing me to be in debt with the other partners?

April 25th, 2023

I took a distribution from my IRA to purchase a home. The distribution was taken on 4/6/22 and returned on 4/25/22. It was meant to be an indirect rollover but was reported to me as a 'normal' distribution combined with my RMD on Form 1099-R. Is this proper, and how do I report the return to the IRA on my Form 1040?

June 25th, 2023

I live in Arizona and expect to make $150,000 to $200,000 this year from one of my businesses. I'm considering setting up an S Corp and paying myself a salary of $40,000 with the rest as distributions. How much tax savings will I get on the distributions compared to other business structures?

January 23rd, 2024

I received a letter from the IRS requesting my W-2, 1099, and W-2G forms, and I noticed missing information on my tax return. I loaded all the info when I filed. What should I do about this notice?

June 8th, 2024

For a married couple filing separately for student loan income-based repayment purposes, who received $2500 pre-tax deductions each for Dependent Care FSA contributions spent on childcare services for their daughter, are the dependent care benefits (the pre-tax deductions) added back into their taxable income when they file their tax returns, given that they are ineligible for the dependent care credit?

May 25th, 2024