Where do I deduct the shareholders' solo 401K non-elective contribution on form 1120S, and does this also become a below the line deduction on the taxpayer's 1040?

March 19th, 2024

I did a DDA no lien fresh start in October and cannot pay my 2015 taxes due when I file this week. Estimated tax is $30k. I'm trying to find the best way to avoid losing the DDA. If I can pay in the next 60 days, will they possibly not catch that I was late paying?

October 11th, 2024

I am self-employed and have a home office. I travel 145 miles to see a customer located near my parents' home, staying overnight and driving back the next day. Can you advise the miles that are deductible for this trip? Do I simply leave off the extra 4 miles to my parents' house? I don't expense any meals, but I will take the customer to lunch. Can I deduct that too (at 50%)?

December 22nd, 2023

I have a question regarding Spousal IRAs and SEP IRAs. The IRS allows contributions to an IRA for a spouse without taxable compensation if filing a joint return, as long as the other spouse has enough earned income. However, TurboTax states that excess contributions to a spouse's plan may result in penalties. Additionally, if my spouse and I are running a business as a joint venture and received a single 1099 form under my social security number, how should we report this income on our taxes?

April 12th, 2024

I have a Form 1040-V and want to pay with a credit card. There's no place on the form for the card number. Where do I put the credit card information?

May 28th, 2024