I am filing business taxes on my own and have already filed an extension. I am having trouble with the balance sheet in TurboTax Business 2012. I have successfully filled out the income and deductions sections, but I am unable to proceed with the balance sheet. Here are the steps I have taken: 1) Entered total cash beginning of year = $46900, end of tax year = $9870. 2) No accounts receivables. 3) Loans to shareholders beginning of year = $32000, end of year = $0. 4) Land, buildings, and other depreciable assets, and intangible assets all have beginning and end of year values of $0. 5) No other assets. 6) Total assets = $9870. 7) Accounts payable: Can I put the generated salary for 2 employees ($26666.67) as the end of year value? 8) Loans from shareholders end of year is $0. 9) Other liabilities = $24324 (taxes for 2011 for federal and NJ). 10) Capital stock and adjustments to shareholders are $0. 11) Total liabilities = $39,307. In review, beginning total assets = $78900, beginning total liabilities = $56,324. The balance sheet is out of balance with beginning of tax year = $22,576 and end of tax year = -$29337. Can anyone help me?
July 3rd, 2023
I am trying to get a Hardship Withdrawal from my (Kroger) Merrill Lynch 401K account to purchase a primary residence that has been damaged by termites and mold. I am not yet 59½, so there is a penalty fee. Do I have to pay the IRS penalty for early withdrawal, or do they consider the purchase of a primary residence a hardship and waive the penalty?
August 21st, 2023
Is computer software such as Microsoft Office and QuickBooks purchased separately treated as a fixed asset or an expense?
March 28th, 2023
I bought land in 2007 for $22.5K and sold it for $21.5K in 2013, taking a loss of $1K. Are the proceeds of the sale taxable since I took a loss?
September 18th, 2023
I am a young professional in Massachusetts. I am gaining money from an ESPP stock program and a separate RSU award vesting in the next week. I'd like to know the tax implications if I were to sell immediately. Do I get taxed on the ESPP and the RSU the same way? As I understand, I get the initial Sell-To-Cover tax that the company takes from my stocks, and then I have to pay capital gains when I sell. Can my broker cover the tax then, or do I declare at the end of the year?
April 13th, 2023
I own a rental house in California that I plan to retire and move back into. The house needs significant repairs to restore its condition. Are the repairs deductible? Would it be better to delay moving until January 1, 2014? How would it work if I move back before the end of 2013? Also, if I live in it for two years and sell, how would capital gains work?
July 2nd, 2023