We have a husband and wife with 50/50 ownership in an LLC. The LLC received a K-1 which reported self-employment income. Should this self-employment income flow through to the individual partners, and would their active participation in the LLC affect this?

July 1st, 2024

I filed for an extension in April and agreed with my accountant to pay the remaining balance in July. However, I received paperwork regarding a June 15th deadline to file. Do I need to send the forms or does this mean the payment as well?

December 5th, 2024

How can my wife and I securely plan for our final expenses, considering we are in our mid-sixties, on Social Security and a small pension, with no debt, good state retiree healthcare supplement to Medicare, and long-term care insurance? We are concerned about protecting our savings, specifically for burial expenses, from potential government claims during our final days. Should we consider prepaying funeral expenses, gifting our term life insurance policies to our children, or investing in interest/income-bearing assets? Additionally, how should we best assist our grandchildren with their education expenses?

October 19th, 2023

I have questions regarding the classification of income on my tax return for 2018. Specifically, I want to know if income from digital music sales, ASCAP, licensing, and SoundExchange (royalties) can be listed as passive income on my return, as it is not earned income. Additionally, I earn income from Airbnb and renting rooms in my home. Should this also be classified as passive income, not earned income?

December 1st, 2024

How can I request a letter from Social Security showing the monthly benefit for my mom? I am applying for Title XIX and I need a letter.

May 9th, 2024