I am considering investing in a rental house with a friend. Can arrangements be made where I can take most of the depreciation in the early years when I need the write-off, while my friend does not? Should we use an LLC or another agreement for this?
March 1st, 2023
If both husband and wife are self-employed and the wife did some work for the husband, with the husband paying for it, should the husband issue a 1099-MISC for this job, or is it sufficient to report the amount on the wife's Schedule C in their tax return?
August 24th, 2023
I took a new job this year and moved to a neighboring state, 100 miles away from my home. I have rented an apartment near my new job to avoid a 3-hour commute and go home to my family on weekends. 1. Is the apartment considered a deductible business expense? 2. In which state do I pay state taxes? 3. To whom do I pay local taxes?
September 1st, 2024
We are married with 2 children and have filed jointly for 19 years. This year, I became a 1099 employee, and we see we now don't qualify for the child tax credit because we made too much. Would it be better for us to file married but separately? If that was best, who would claim the kids and who gets all the charitable deductions, etc.?
April 12th, 2023
How do we calculate the total gross assets of a business for Delaware Franchise Taxes, and where do I input the information for a promissory loan to the business on federal tax forms?
August 6th, 2023
If a newly married taxpayer in a community property state files as Married Filing Separately (MFS), where the other spouse owes past debts and will also owe for 2013, does filing MFS separate her from any current liability for 2013, and what is the best way to protect her refund from her spouse's past debts?
November 18th, 2023