I am an LLC-S-Corp small business owner with a seasonal business. I need to carry cash over into the next year for operating expenses, but as an LLC-S-Corp, I cannot roll money over each year. If I make a profit this year and need some of that money for operating expenses, is that portion considered profit for tax purposes? Additionally, I want to increase my Social Security by paying myself more this year. Should I give myself a bonus at the end of the year? Also, can I have retained earnings as an LLC, and if so, how does that affect my taxes?

March 6th, 2024

I have some money saved up in a 401k and am planning to buy a new home. As a first-time homebuyer, can I withdraw from my 401k? How much can I withdraw? What are the tax implications? Are there any penalties? What else should I know or consider?

March 24th, 2024

How do I calculate the 2022 §197 amortization deduction for a business purchase where $184,000 is allocated to a patent and $1,104,000 to goodwill, and how do I compute the depreciation deduction for a building acquired on June 1, 2017, for $26,752,800, assuming it is classified as (a) residential and (b) nonresidential, using the appropriate MACRS tables?

July 26th, 2023

I have capital gains of $964K from cryptocurrency that is now frozen until I pay the IRS in cryptocurrency ($235K), but I don't have the money to pay the tax to get my profit unfrozen. I was duped by a friend who told me I don't need to pay taxes to get the money out, they said it would be deducted automatically. What, if any options do I have? I'm just looking to get back my investment I put in ($300K) and be done with this.

July 30th, 2024

I have two vehicles for my business, one in TX and one in MA. I am trying to purchase a new vehicle for my MA location. Can I take the Section 179 deduction on the new vehicle in MA and still take the standard mileage deduction for my driving in TX in the same year?

June 1st, 2024