I received a 1099 Misc from my business insurance for money they gave me for a flood in my business. I have an S Corporation. Do I have to report it as income, and how should I handle any potential tax deductions for the loss?

May 9th, 2023

I currently own two small businesses: Erin Cuff Jewelry (a sole proprietorship) and Cochineal LLC (a brick-and-mortar store that sells Erin Cuff Jewelry and other artists' work). I have two employees who work for both businesses. Should I combine these businesses under one entity, use a DBA, or keep them separate? Additionally, is it legal for my employees to work for both entities but be paid by one, and should I convert Erin Cuff Jewelry from a sole proprietorship to an LLC or S-corp?

July 2nd, 2024

My wife and I fostered two children for a few months last year. Can we deduct any expenses related to fostering on our 2023 tax return, considering they did not stay with us long enough for additional benefits, and the organization that placed the kids with us was a state organization (DCFS)?

March 23rd, 2023

I'm 59 years old, renting my home, making about $75k per year, with zero debt, a company car, $40k in a credit union savings account, and $40k in a 401k. I have no plans to retire soon. What should I do with my savings to maximize investment possibilities? Should I buy a house, invest in gold or the stock market, or consider other options?

December 22nd, 2023

What is the procedure and time frame after being notified of a sale of your property taxes?

August 6th, 2023