I made a tax mistake involving a 60-day roll-over from my IRA to my trust account. The brokerage company initially moved only half the money due to a paperwork error, so I moved the remaining amount the next day. Now, I'm concerned that the second distribution is not a 60-day rollover and I may have to pay a 10% tax on it. Additionally, I can't put the second distribution back into my IRA. Are my assumptions correct, and is there a way to undo the second distribution?
April 16th, 2024
I got married this year and my husband wants to file our 2017 taxes jointly. However, I didn't file my 2016 taxes and will owe money for that year. Should I file jointly and submit my AGI from 2016 as 0, or file separately? Will my husband be penalized if we file together?
December 18th, 2024
My husband and I started a mobile petting zoo and registered it as an LLC. What business code does this fall under, how should we report this business on our tax return, and what expenses can be deducted, such as feed, supplies, permits, and licenses?
June 5th, 2023
I'm being audited by the IRS and need to clarify if I can claim my girlfriend's children as dependents on my taxes. They lived with me all of 2017, and I paid for all their expenses. I can prove everything except their relation to me. Can I claim them as dependents, and does this also cover earned income credit and additional child tax?
July 29th, 2024
I am purchasing an existing small retail business and forming a Single LLC. I need to decide on a tax entity. What is recommended: Partnership vs C corp?
October 31st, 2023
Do I need to set up an estate account if there is already a trust, especially if the estate will receive little to no income and all beneficiaries are in agreement? If so, do I need a separate TIN for the estate account?
April 14th, 2024