In 2014, I had a dropshipping business on eBay where I earned $63,249 in revenue but only $8,000 in profit. I received a 1099-K from PayPal and a letter from the IRS requesting me to pay $24,973 in income tax based on the reported revenue. How can I prove to the IRS that I only earned $8,000 in profit and that the rest was business expenses?

December 27th, 2024

What are the income tax filing statuses for me and my wife, and for my parents, given that I live with my parents, my father pays the mortgage, and I fully support my wife and kids?

June 6th, 2023

My LLC was originally set up in FL. Do I need to apply for a Foreign LLC in the state of NYC? Do I need to still keep an office in FL? I have moved to NYC.

December 5th, 2024

Should I keep auto insurance for the 2-5 years I'll be living overseas? I'll be taking voluntary work abroad for 2-5 years and plan to sell my car before going. I've been told that it is costly and difficult to get re-insured for auto coverage after my return. What can you advise about this? If I should keep insurance, what kind of coverage on a car I don't have should I get?

August 30th, 2023

I am considering starting a Limited Liability Company for a business involving Automated Teller Machines. The business will involve cash transactions recorded on bank statements. What tax forms do I need to fill out to make my business legitimate, and what tax implications could I face? Are ATMs considered capital assets, and would it be better to use a third party for processing fees, which are deductible?

January 5th, 2023