asked
I have a full-time job in rural Western New York, but I own two rental properties in Illinois and travel there nearly every weekend to manage them. Are my travel expenses (flights, hotels, food, etc.) to Illinois deductible, and is there a limit on the amount I can deduct? For example, if I use a NetJets card for flights, can I deduct the value of each flight?
November 30th, 2023
I spent $16,000 to repair a backhoe for an excavation business. It took so long to fix that I wasn't able to make any money with it. Can I still write off repairs under a Schedule C?
October 14th, 2023
We have 30+ employees and offer full-time employees health insurance. A single employee close to 65 wants to continue working but sign up for Medicare and drop employer insurance. They want the company to reimburse them for their out-of-pocket Medicare expenses. What is the best way to handle this?
October 15th, 2024
We sold a home in 2015 and sold the adjoining 38 acres of undeveloped land in 2018. The sale of the land was contingent on the buyers selling their home first. Will these sales have to be filed with the IRS, and if so, how should they be reported?
July 14th, 2024
Is it a good idea to spend down or give away my $62K IRA to avoid it going to a nursing home? I don't think I will need a nursing home for more than 6/7 years. Could I use it to pay down debt or draw more every month?
June 17th, 2023
I entered into a contract to sell 5 acres of land in Utah. The contract provided earnest money subject to a due diligence period, which was released in 2018. The contract expires in 2018, and I expect it to be exercised. How should I treat the earnest money received in 2018 on my tax return?
February 28th, 2024