asked
I am a single-member LLC reporting as a Sole Proprietorship. I have put in $33k initially and am considering putting in another $70k directly against a business loan. I want to ensure I am not double-taxed when I take out this money after selling the business. If I sell the business for $200k, with the loan paid down to $50k, would $100k come back to me tax-free, and the remaining $50k be taxable?
December 6th, 2023
I received a letter from the IRS notifying me that someone may have filed a tax return for me for a specific year. They asked me to appear in person to verify my identity. However, I am currently locked down in the Philippines due to COVID-19. Is there another way to rectify this issue without appearing in person?
September 17th, 2023
Partnership to S Corporation conversion: This company filed its 2019 tax return as a Partnership and filed an S-election in Jan 2020. The owners and their percentage of ownership will remain the same. Do I need to file a final 1065 for 2020?
July 18th, 2023
How can I get proof that I was receiving social security benefits from my deceased father for the purpose of transferring property ownership?
March 13th, 2024
If I’m claiming my mom as a dependent and we sold her home this year for $370k, can I still claim her? The initial value of the home was $220k, and the capital gain is $370k after the sale. Additionally, can I claim the expenses on my taxes for fixing the place, adding a bathroom, roof painting, and mortgage since I paid for everything?
July 1st, 2024
My SSDI direct deposit, which usually arrives between the 23rd and 25th of the month, has not arrived. I have been receiving benefits for about 15 years with no changes to my account or direct deposit method. Additionally, we were supposed to receive a third stimulus check but did not. What should I do?
September 4th, 2024