I just incorporated a new HVAC/R business in Key West, Florida (S corp) and purchased a new Nissan NV 2500 truck. I am familiar with tax code 179 allowing full deduction in the year it was purchased and put into service. I am the only employee and I'm financing this business startup myself so far. I had worked all of 2015 for an existing similar company here. How can I show this obvious business loss, which directly affects its sole stockholder, in such a way that I may increase my personal tax return from withheld 2015 paychecks?

May 11th, 2023

Would I be liable for Australian taxes working for an Australian company but living as a US citizen in the United States and working virtually for the Australian company?

May 24th, 2023

I have an income tax lien with a payroll attachment from the California Franchise Tax Board. I am looking at a job in Nevada. Is this tax lien going to follow me in Nevada?

March 23rd, 2024

I would like to gift appreciated stock or cash to my child using the $14k/year allowance, held in an irrevocable trust until the age of 27. If I set up a close relative to administer the trust, can I still make the investment decisions? Is it common to set up a secondary beneficiary, and if so, would that be the family's second child or spouse?

September 14th, 2024

I want to eliminate the tax being taken off my monthly check. Do you mean income tax withholding from your social security benefits?

November 15th, 2024