How do I determine the fair market value (FMV) loss to my house caused by a flood that destroyed a recently finished and furnished basement, and how do I estimate the loss for the contents of the basement if the insurance company has not yet offered a reimbursement figure? Additionally, will the IRS accept the FMV assigned to the contents by my adjustor, and how should I handle the casualty loss on my tax return if the amount exceeds my total income for the year?

December 26th, 2024

I'm forming a new company and looking for advice regarding what would be more beneficial for my tax status, S-corp or other, and why? (Single Member LLC)

September 3rd, 2024

When claiming Educational Credits, how should I handle discrepancies between the amount billed on a 1098T form and the actual amount paid, especially when payments are made by a bank on my behalf and there are refunds involved?

April 7th, 2023

Can an individual (who is not a farmer) use income averaging on his individual return when his S-Corp has had a big increase in profit?

January 29th, 2024

Are donations to a Sunday School Class of a church deductible as a charitable contribution? The Sunday School Class manages its own funds, and the church does not report the contributions as contributions to the church itself. The class funds are used for charitable donations to other charitable organizations and for other charitable purposes throughout the year.

February 17th, 2024