asked
I have a tax return question for my sole proprietorship LLC. I am a resident of Virginia and have an extension for the 2021 tax year. On the 2020 return, line 16 of form 8995 shows a carryforward loss of $489,759 for 2019 and 2020 combined. I am preparing my 2021 return now and have a profit of about $200,000 for 2021. Will the carryforward loss of $489,759 offset my 2021 profit, meaning I shouldn't have to pay any taxes on that profit?
August 20th, 2023
What is the status of my 2021 federal tax refund, and why haven't I received it yet? I filed through TurboTax before April 15 and have been told it is still being processed.
September 4th, 2023
I am trying to find the status of my tax return that I mailed in six months ago. I filed as a single person with a refund of $1260. I have not been able to access my account online, and the IRS says the information doesn’t match. What should I do to track my refund and understand why there is a mismatch?
June 18th, 2024
My social security ID has been compromised. What steps should I take to ensure the safety of my personal information?
October 1st, 2024
In rental business, how to calculate property depreciation and car depreciation for tax purposes, especially when the car is used exclusively for business?
February 28th, 2023
My refund check for 2020 was returned due to my address change. I am currently located in Wisconsin, 53590. I am 78 years old with no dependents. My typical filing status is electronic, and I made $10,000 from a pension this year. How can I update my address and trace my refund?
September 4th, 2023