What would be the monthly tax deduction on an annual income of $34,215.94? I am age 70, single, no dependents, and have 1 exemption on my W-2.

October 22nd, 2023

I was the beneficiary for my deceased father's IRA ($21,233), checking account ($1700), and an annuity ($4000) in 2016. What will be my tax obligations on these distributions if I am going to split them equally with my two siblings?

September 11th, 2023

My husband and I are the only members of an LLC with zero income, and we file joint personal returns. The LLC was filed under Schedule C on our personal returns. However, the IRS penalized the LLC for not filing a 1065 despite no income. Does the LLC fall under the 'disregarded entity' tax rules?

June 6th, 2024

I am self-employed and deduct a home office. I have a television in my office, which I only use occasionally like a radio. My home office is part of a larger space without a physical divider. I also store product samples in an area with some personal items. Am I okay to keep the television and personal items, or do I need to remove them? Additionally, how should I calculate the square footage for the home office deduction, and does the storage area need to meet the exclusivity provision?

June 8th, 2024

If a guest cancels an Airbnb reservation, do the days of the canceled reservation still count towards the 14-day rule for tax purposes, especially if I received some income as per the cancellation policy?

August 17th, 2024