asked
I am a sole proprietor using the same checking account for both business and personal transactions (planning to split them soon). I'm currently entering business-related line items into the QuickBooks business account and personal items into the QuickBooks personal account. How do I reconcile the bank account in this situation, and how should I handle entries that need to be logged into the other account? Specifically, if I don't log business payments into the personal account, it will show a deficit. What is the best way to manage this?
November 13th, 2024
I am selling property abroad and repatriating the money to the United States. What kind of tax will I have to pay and what percentage?
March 7th, 2024
After agreeing to the IRS auditor's decision and closing the audit, can you request for an appeal?
April 12th, 2024
I bought my home in June 2003 and began renting it in February 2011 after a job relocation. Rental stopped on February 28, 2014, and it was sold shortly thereafter (closed in April 2014). Do I have to pay capital gains?
September 21st, 2024
Do personal guarantees on bank debt count as basis for an S-Corp client with a loss beyond their capital basis?
May 5th, 2023
I have $16,000 in a 401k account, am 68 years old, and want to take some money. I need to pay taxes on that. I am unsure about withholding taxes and my only income is from Social Security. Should I withhold taxes on my 401k distribution, and if so, how much?
July 25th, 2024