I have a small business that generates about $75,000 per month in profit after expenses. I am currently an S corp, and my wife and I earn approximately $105,000. Should I convert to a C corp or stay an S corp?
August 1st, 2023
Can I claim my grandson as a dependent if he has a part-time job making approximately $7,000?
September 19th, 2024
Is Donald J. Trump for President, Inc. a charitable organization, and does a federal agency have to file a 1099-MISC if it paid Donald J. Trump for President, Inc. for charter airline service provided to agency employees?
December 27th, 2023
I accidentally forgot to include my social insurance number on the W-8BEN tax form, which did not have any tax information. Can I send a new corrected form within 30 days as stated in the instructions, and will there be any issues with that?
October 16th, 2024
Do we need to file 1099s for all the subcontractors we hired for a house-building project in CT, run through an LLC? Most of them were LLCs or incorporated in some way. For any individuals, do we need to file if they received more than $600 from us?
September 16th, 2024
I made a tax mistake involving a 60-day roll-over from my IRA to my trust account. The brokerage company initially moved only half the money due to a paperwork error, so I moved the remaining amount the next day. Now, I'm concerned that the second distribution is not a 60-day rollover and I may have to pay a 10% tax on it. Additionally, I can't put the second distribution back into my IRA. Are my assumptions correct, and is there a way to undo the second distribution?
April 16th, 2024