asked
I am starting a farm business in Colorado as a sole proprietorship LLC. In 2023, my first year, I spent $30,000 on infrastructure and operations without making any money. Can I write off this $30,000 as a loss on my personal taxes, and how should I classify these expenses to avoid scrutiny from the IRS?
April 20th, 2024
I am a US citizen filing jointly with my wife. In 2007, I purchased a property with another person who is not my wife, but the property was under her control. I was recently notified that she wants to sell the property, and because my name is on the title, I will receive part of the proceeds. Will I have to report this on Form 8949, and do I need to complete Form 8938 for specified foreign financial assets?
August 14th, 2023
Do you have to pay the state sales tax on unpaid invoices? We invoice our customers upfront for furniture and don't order the furniture until the customer has paid. So no actual cash or goods have exchanged hands.
July 10th, 2024
I am trying to verify my return. I received letter 5071C and my control number is *****. What do I need to do?
September 25th, 2023
I may be at risk for back taxes. Can I remove my name from my and my wife's joint assets (house, cars, etc.) for asset protection for our family?
July 9th, 2024
I need a tax ID number (EIN) for The John C Paulsen Trust. My brother, who was the original trustee, has passed away, and I am now the co-trustee. His funds were invested in Fidelity, and I need to change the ownership of the trust to fulfill his will. I have tried to apply online but was denied access.
November 16th, 2024