I have purchased a timber farm with no immediate income but significant expenses such as maintenance, equipment, and construction of buildings. How can I offset these expenses if there is no recordable income, and what should I know about potential future crop planting and tax implications?

June 27th, 2024

I am thinking of allowing my friend to run her horse therapy school 501(c) out of my home. Can I write anything off in taxes?

August 4th, 2023

We had an investment with Provident Group, which was rolled over into an investment in a Dominican Republic Resort in 2010, but it was determined to be a Ponzi scheme and closed after one month. Provident has been reaching out for years to close the account, but we never did because they wanted to charge a fee. Now, they are threatening to send a message to the IRS as a write-off, making us responsible for the income, which would be added to our taxable income. Can I use the IRS provision in Rev.Proc 2009-20? If I didn't close the account yet but will now, can I still claim the loss for the Ponzi scheme?

September 8th, 2023

Does personally guaranteeing a loan for an LLC make an LLC member liable for SE tax? What if the loan proceeds were not used for the business? It was instead used by members to pay off a retiring member but the loan was issued in the LLC name.

November 18th, 2023

I recently changed the bank for direct deposit of my monthly social security. The change was initially stated to be effective from the December deposit, but a later notice indicated it would be effective on November 25. I receive my direct deposit on the fourth Wednesday of each month (my DOB is January 27). Does that mean my first deposit in the new bank will be on November 28?

July 12th, 2023