asked
I currently own two small businesses: Erin Cuff Jewelry (a sole proprietorship) and Cochineal LLC (a brick-and-mortar store that sells Erin Cuff Jewelry and other artists' work). I have two employees who work for both businesses. Should I combine these businesses under one entity, use a DBA, or keep them separate? Additionally, is it legal for my employees to work for both entities but be paid by one, and should I convert Erin Cuff Jewelry from a sole proprietorship to an LLC or S-corp?
July 2nd, 2024
My wife and I fostered two children for a few months last year. Can we deduct any expenses related to fostering on our 2023 tax return, considering they did not stay with us long enough for additional benefits, and the organization that placed the kids with us was a state organization (DCFS)?
March 23rd, 2023
I'm 59 years old, renting my home, making about $75k per year, with zero debt, a company car, $40k in a credit union savings account, and $40k in a 401k. I have no plans to retire soon. What should I do with my savings to maximize investment possibilities? Should I buy a house, invest in gold or the stock market, or consider other options?
December 22nd, 2023
What is the procedure and time frame after being notified of a sale of your property taxes?
August 6th, 2023
For tax purposes, what happens with the canceled debt on a 1099-C from a primary mortgage that was never refinanced and used solely for house purchase, given that the primary mortgage is a non-recourse loan, and a second mortgage was refinanced with some money taken out for a car and home improvements, which was charged off as bad debt two years ago?
April 13th, 2024
I am a 72-year-old single US Permanent Resident with a total adjusted gross income of $20,645.00 from pensions. I have moved from the UK and am unsure about personal exemptions. Can I claim a $3,650 exemption, and how does this affect my tax calculation?
November 18th, 2024