I am a sole proprietor with a single member LLC. Disregarded entity. I owe multiple back tax years. In determining assets for the OIC application, is my LLC bank account operating cash on hand need to be included as an asset?
October 17th, 2024
I accidentally paid an extension payment instead of an estimated payment to the IRS through direct pay. Does that matter?
November 18th, 2023
A taxpayer received a Form 1099-LTC for roughly $24k. How is this offset by medical costs, and should it be considered a wash? The taxpayer has an AGI of about $136k and has paid LTC premiums of $6k, Medicare premiums of $3k, and copays that exceed the 7.5% threshold.
September 25th, 2024
I sold a condo in Florida for a capital gain of $200,000. I have $20,000 in income from half Social Security and half dividends and stock gains. I am a Maine resident. Do I owe taxes in the US and Maine for that gain, and when do I get US tax forms?
July 11th, 2024
I am getting a divorce and want to know if gifting half the equity in the home to my husband, who is not on the title, will incur tax repercussions. I am located in Phoenix, Arizona, 61 years old, and do not have any dependents. I usually file jointly with my soon-to-be ex-husband, and I do not work. Is there any tax implication if I gift half the equity in the home due to the divorce?
April 20th, 2023
I and my family members formed a 4-member LLC partnership in Florida last year. Our first year's total income is about $880, and we have spent (invested) $3500. Must we file Form 1065 this year, and do we need to file any other forms? Additionally, where should we note expenses such as LLC filing fees, advertising, payments to gig workers, monthly bank account fees, domain costs, and advertising?
December 14th, 2024