I have a client who purchased a Lamborghini as an investment under his business and sold it for the same price 10-11 months later without filing taxes or claiming any depreciation or Sec 179 expenses. How should this transaction be reported on his tax return?
October 8th, 2024
My wife and I are independent contractors, and we want to hire our son as clerical help for our business. We will pay withholding tax, Medicare, and Social Security. We do not know what forms to fill out or how to send the withholding money to the correct people.
October 17th, 2024
We need to amend our LLC tax status to a partnership and will be using Form 8832 with the IRS to request the tax classification change. 1) Can we send the partnership taxes separately from our personal taxes, or do they need to go together? 2) One of our partners is out of state, what do we need for the filing? 3) We've been a partnership but filed incorrectly. Once we file with Form 8832 for late classification relief, can we get a letter from a CPA verifying we've been a partnership from the start of the filing period 2022?
February 16th, 2023
I didn't receive my tax information or misplaced it. I need a duplicate copy. My address changed in September, and I'm unsure if that could be the issue. How can I obtain a duplicate of my Social Security 1099 tax form?
July 16th, 2024
We are retired and don't owe any income tax this year. Can we still get a credit for the solar panels we installed last year?
October 12th, 2023
Do I need to file taxes if I don't have a refund owed to me and I don't owe any taxes, especially if my income after taxes is less than $25,000 and I haven't filed in three years?
November 7th, 2023