I'm 74 years old and want to give my adult nephew $99,000 on March 12, 2018, but I'm limited to $15,000 per year. How can I legally gift this amount without incurring gift taxes, and do I need to file any special forms or documents?

September 28th, 2024

I am using QuickBooks for my freelance business and am unsure how to input my income, especially income that I will receive a 1099 for. Additionally, I received a gift check over $100K from my father who is located in the USA. How should I handle these incomes in QuickBooks and on my tax forms?

June 3rd, 2024

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