I am a college student with an LLC that grossed $21K in 2022, starting in July, with a net profit of around $16,000 after basic expenses. My parents claim me as a dependent, but I pay for my own rent and living expenses with money from my LLC and a college loan co-signed by my father. I want to know the potential benefits of claiming myself as a dependent and the impact of claiming education credits on my income tax for 2022. Additionally, I need to understand the sales tax implications for digital products and the total income tax I would owe for 2022.

February 29th, 2024

What are the tax implications of selling a house and using the proceeds to build an addition on my son's house?

October 15th, 2023

I'm preparing an 1120S for my S-corporation. Where do I enter workers comp insurance expense and 401K Match (employer's contribution) amount under deductions? What is the expense category for them on the return?

November 28th, 2024

I typed an incorrect number on my 1040-SR line 35d and submitted it electronically. How can I fix this?

February 24th, 2023

I have a filing question. My income was in the Virgin Islands up to April 2022, and I now live in Florida. I had no income in Florida for 2022. Do I need to file a tax return for Florida, and how should I handle my Virgin Islands income on my tax return?

December 4th, 2024