asked
I have underreported depreciation on an asset because I misclassified it under the wrong asset class (it should be 15-year qualified restaurant property and I have it as 39-year property). How do I adjust this on the next tax return without amending last year’s return, which was a partnership with too many partners? Is filing Form 3115 the only solution, and would my situation be considered an automatic change procedure? Also, since this will result in a negative 481(a) adjustment, will I be able to take it all as catch-up depreciation in the current year by just attaching a corrected depreciation schedule?
September 1st, 2023
I have a hairstylist business and I pay booth rent. I have an EIN and LLC, but did not apply for Form 8832 or Form 2553. I brought in around $65,000 this year and have paid federal and state estimated taxes. Should I have filed one of those forms? Can I still file? Do I have to file under Schedule C now?
January 11th, 2023
I'm doing my taxes through H&R Block using my last check stub since my employer went out of business and refused to send a W2. At the part where I enter all the wage numbers, what do I put in the box for social security wages and social security withheld?
July 21st, 2024
I have a mortgage on a property that was once our primary residence but has been rented out for three years and then taken off the rental market in January 2017. We have yet to sell this house and it may return to being a rental property if not sold by May 2018. Can I still deduct interest, property taxes, etc., related to this property since we did not use it as a rental property or a primary residence? Additionally, I received a 1099-MISC for $981 for 2017 from the previous renters' down payment. What should I do with this?
February 29th, 2024
I am an independent contractor on a G4 dependent visa, and I completed some work in the US. I need to know what forms I and my employer need to fill out, whether they need to withhold tax, what I need to submit to the IRS, and how to handle the expenses I submitted to them.
March 21st, 2023
I had $18 deducted from my check for LA state tax due to a payroll coding error. I live in Texas, work for a company with locations in both Texas and Louisiana, but have never physically worked in Louisiana. Do I need to file a LA state form if I have never worked in that state?
June 4th, 2023