I started a new C Corporation and am filing its first federal tax return. I capitalized the corporation with $7500 cash in mid-June and plan for a fiscal year ending 6/30. No income was received and no other expenses were incurred before the 6/30 year end. Do I have to count the $7500 as income for federal tax purposes and pay income tax on this amount less the incorporation expenses?

July 13th, 2023

I'm trying to find a statement for a payment I received in 2013. Any idea where I can find that?

March 8th, 2023

I have a tax situation where the wife and husband live in different states the entire year and receive W-2s from their respective states (KY and AL). The best approach is to file a federal 1040 married filing joint return, but file married filing separately for each state. How should itemized deductions (mortgage interest, property taxes, donations, etc.) be split between the states, and how can federal attachments be provided to the state returns if the adjusted gross income, filing status, etc., won't match up?

June 10th, 2023

An S corp officer had $10k in Retained Earnings at the beginning of 2014. The company earned $50k during 2014, the officer took a distribution of $40k, and then contributed $35k to a SEP IRA in 2015, wanting to deduct this from 2014 income. Retained earnings are now negative $15k. Is this acceptable, and can the problem be solved by re-classifying some of the distribution as a loan?

September 14th, 2024

I've been working internationally for the past few years and visit my parents in California twice a year for less than 30 days total within a calendar year. I still have my mailing address at my parents' residence and use it for my bank, brokerage, auto insurance accounts, and California driver's license. I have proof of residency internationally, including a condo lease, utilities, and bank statements. How can I avoid paying California income taxes without changing all my accounts with a California mailing address?

August 22nd, 2024