asked
I have my online Forex Trading account statement and I need to input all sell-purchase of currency pairs transactions over a year shown in my online statement into the IRS Form 8949 to file for tax purposes. How can I e-file my return, and will my income from Forex Trading be considered ordinary income or losses, or capital gains or losses? Additionally, what are wash sale transactions in Forex Trading, and do they apply to my situation?
June 7th, 2023
I have a Social Security Disability hearing coming up on Oct. 10. It will be my third hearing. Today I received a letter confirming the date and listing a vocational expert and a 'medical expert' who will testify by phone. There has never been a medical expert at my previous hearings. Why would they call one now and what is the purpose of having this 'expert' testify when they have never examined me or interviewed me? Are they there just to try and discredit me? In your experience, does a medical expert work in favor of the claimant or is this a bad thing? I realize not every case is the same, but I'm just trying to get a general idea on if this is typically more adversarial or if this might actually help me.
April 9th, 2024
I have a client whose prior accountant did not report any cash purchases of equipment, totaling $115k. The client has no purchase dates or records. How should I handle this for their 2013 books, and what should be done if they don't want to go back and amend prior years' tax returns? Additionally, they have a personal credit card used solely for business expenses, took $361k from the business, and bought personal land for investment. How should these be accounted for?
April 6th, 2024
As a sole owner of an LLC, do I need to file a W2 during tax time? Am I considered an employee of the LLC? If I'm a disregarded entity, what do I file at tax time? Do I need a separate business checking account? How do I pay myself? Do I need to make estimated tax payments every quarter?
February 8th, 2024
Bill, you provided an answer about my defaulting on a 403b loan in 1989. I need the actual law stating that I can never get another loan.
July 4th, 2023
I need to take money out of an IRA precious metal account before I'm 59 and 1/2. I understand there are extra penalties to pay to the IRS. I need to know if I need to file IRS Form 5329, what the voluntary state tax would be, and if the federal tax is 10% plus 20% for federal plus state. Additionally, I've been out of work for a year and need to pull resources out of my IRA precious metals account. Is there a hardship clause or any tax breaks available?
October 14th, 2024