I am a sole proprietor using the same checking account for both business and personal transactions (planning to split them soon). I'm currently entering business-related line items into the QuickBooks business account and personal items into the QuickBooks personal account. How do I reconcile the bank account in this situation, and how should I handle entries that need to be logged into the other account? Specifically, if I don't log business payments into the personal account, it will show a deficit. What is the best way to manage this?

November 13th, 2024

Is income considered an asset when determining insolvency with the IRS, and if a co-signer receives a 1099C for cancelled debt, will the IRS come after the co-signer for tax on that debt?

August 4th, 2024

My wife and I sold our primary residence in Oakland, California, in November 2018. I had retired and over the 5 years before the sale, I resided in our California residence for 2 years off and on as I traveled to Oregon and spent time there in a rental. My wife spent only about 150 days in our California home as she was in school in Oregon. Can we claim a $250,000 deduction from the sale profit on Schedule D?

July 5th, 2024

What is the difference between Tax returns and Tax Transcript (Wage and income)? I was asked to provide Tax Returns but the year is 2015 and cannot retrieve one easily. Will a Tax transcript for the same year be okay?

June 3rd, 2024

I received a phone call claiming my Social Security number was suspended due to fraud and they asked for the last four digits of my SSN and where I bank. I need to know if there have been any changes to my direct deposit account.

December 26th, 2023