asked
I have an LLC that had no income for 2017 but I want to deduct expenses. Can I do that in year 2 of the LLC? It's a consulting company. I made a little money in 2016 and wrote off expenses. 2017 had no income, but I want to write off expenses.
May 4th, 2023
Can a client claim Head of Household status if he provides a home for himself and his brother, but cannot claim the brother as a dependent?
August 31st, 2024
I am the executor of my partner's will. He was retired and his only income was social security. We jointly owned a boat and had joint savings and checking accounts. I sold the boat after his death. Do I need to file a return for him and are there any tax obligations for me since I am now the sole owner? Additionally, I gave his son two gifts totaling $28,000 in 2017 and 2018. Do these gifts have any tax implications?
October 4th, 2024
What are the pros and cons of forming an S-Corp versus an LLC taxed as an S-Corp for a business that sells computer parts and mines cryptocurrencies?
January 5th, 2024
I am a 42-year-old single individual with no income and no dependents. I need to withdraw $35,000 from my IRA to pay off debt and bills. How will I be taxed on this withdrawal, and what are the potential penalties or alternatives to consider?
February 9th, 2024
I prepare income tax returns for friends. A friend recently passed away owning tillable farmland with underground tile drainage, which is depreciable. The farmland was appraised without allocating value to the tile drainage. I have a 1995 tax seminar booklet stating that, in the absence of hard facts, the depreciable cost of underground tile drainage should be approximately 5% of the fair market value. My question is, has this 5% value allocation been increased since 1995? Is there a more recent training manual allowing a higher percentage of allocated value?
December 21st, 2024