Are the costs for transportation to dialysis treatment three times a week and doctor's meetings at Mayo Clinic deductible as medical expenses?

November 2nd, 2024

Can I use the DOT per Diem Meal Break on my 1120S for my single member LLC taxed as an S-Corp in the long-haul trucking business, and how does it affect my K-1 and personal tax return?

December 6th, 2023

I started an IT consulting business as a sole proprietor in 2016. My wife helps with office work, but I didn't make her an employee or run payroll for her in 2016. This means she couldn't contribute the $18K employee contribution to her solo 401K for 2016. My question is about 2017 and beyond. If I find a permanent job as a W2 employee starting April 2017, and my business earns $30K in Q1 of 2017 but nothing from April to December, can I run payroll for my wife in 2017 and pay her $20K so she can save $18K as an employee contribution in her solo 401K? Also, if the business earns no money in 2018 but I keep it open and continue running payroll to pay my wife $20K annually, can she save $18K in her solo 401K without it being risky? What about the following years? My goal is to maximize our retirement savings and reduce tax obligations.

October 7th, 2024

My son works for a man in our subdivision putting up wedding tents. The man pays my son $11/hr and provided all the tents, tools, and everything to set up these tents. But he gave my son a 1099 form to file taxes. My son just turned 16 in December and made $7338 last year. Should he be getting a W2 or this 1099?

April 24th, 2024

We sold our LLC-registered company in Louisiana for 2.1 million, with an initial investment of 920k. We are residents of California. What are the tax implications, including state and federal taxes, on our personal capital gains, and how is the federal long-term capital gain tax bracket calculated?

October 22nd, 2023