asked
I made a mistake on my wife's mileage for her Mary Kay side business, reversing personal and business miles. I didn't catch it until after I had already filed. Can I file an amendment to correct this?
February 26th, 2023
As a new independent contractor, I had $115K in revenue/income and approximately $30K of out-of-pocket expenses (travel/entertainment) for which the client reimbursed me. Should I be charged income tax on $115K or the combined $145K? If it's $145K, can I deduct the expenses?
August 30th, 2024
My AGI is larger than my actual income. I am retired on a pension and social security. My income for SS and retirement totals $61,000, but my AGI says $99,000 according to IRS software. How is that possible?
August 2nd, 2023
I have a client who has 30 secured notes and receives interest income from them (130K). The notes are secured by real estate, some of which are wrapped by other notes on which he pays interest (42K) to the wrap owners. He also has auto expenses (6K), legal expenses (9K), rent expense (16K), and repairs (32K). It is a 2-owner partnership. Prior accountant put interest income on K1 and interest expense and the remaining in Form 1065 as ordinary. I believe if anything, they all are investment interest and the rest investment expenses. Please advise.
November 6th, 2023
Do I need to file taxes if I am only receiving Social Security benefits and earned $3,000 from working for two months last year, living in Idaho now, and previously lived in Washington state for 20 years?
January 2nd, 2023
Should I form an LLC if my husband and I file jointly, he owns an LLC, and I am a freelancer on a 1099? Our combined income is about $200K, and we don't own a home, so we generally don't claim itemized deductions.
May 4th, 2024