I'm building a model to calculate returns for investment units. I'm starting with Net Rents and subtracting Property Taxes, Utilities, Maintenance, and Interest to get to EBTD. Then, I subtract Depreciation and Taxes to get to Net Income. Am I missing anything? Is the interest deductible?

September 19th, 2024

Besides California, what other states require mandatory unitary filing if our subsidiaries meet the unitary tests of the supreme court? Can you suggest good references to research this issue?

March 22nd, 2023

Is there a way to see if our grandma was claimed for 2012 tax returns? Apparently, no one in the family could claim her and get money because they would have to pay more in their tax returns. So, is there a way to check if this is true and no one had used her social and claimed her in their tax return?

December 5th, 2024

My husband and his boss have been living off credit cards for 7 years and are being audited by the IRS. I assume they owe the IRS a considerable amount of money. If there is nothing held in joint names, can the IRS put liens on my property or seize any money in my name only?

October 11th, 2023

I am filing business taxes on my own and have already filed an extension. I am having trouble with the balance sheet in TurboTax Business 2012. I have successfully filled out the income and deductions sections, but I am unable to proceed with the balance sheet. Here are the steps I have taken: 1) Entered total cash beginning of year = $46900, end of tax year = $9870. 2) No accounts receivables. 3) Loans to shareholders beginning of year = $32000, end of year = $0. 4) Land, buildings, and other depreciable assets, and intangible assets all have beginning and end of year values of $0. 5) No other assets. 6) Total assets = $9870. 7) Accounts payable: Can I put the generated salary for 2 employees ($26666.67) as the end of year value? 8) Loans from shareholders end of year is $0. 9) Other liabilities = $24324 (taxes for 2011 for federal and NJ). 10) Capital stock and adjustments to shareholders are $0. 11) Total liabilities = $39,307. In review, beginning total assets = $78900, beginning total liabilities = $56,324. The balance sheet is out of balance with beginning of tax year = $22,576 and end of tax year = -$29337. Can anyone help me?

July 3rd, 2023