asked
I run an Adult Foster Home business for adults aged 65 and older, housing 5 clients in my 4,000 sq. ft. home with my wife. We provide room and board and assist with ADLs and medication. I'm having trouble understanding the Home Office Tax Deduction. Since my clients use all parts of my home every day, including common areas, what percentage of my home can I deduct for the Home Office Deduction? Can I deduct the square footage of common areas used for both business and personal use, or am I limited to the 5 bedrooms exclusively used by clients? Can I deduct 5/7th of every expense for the home office deductions?
July 14th, 2024
How is a single-member LLC taxed, both federally and in the state of Connecticut? Additionally, can tenants in common qualify as a single-member LLC in Connecticut?
August 22nd, 2024
How can I determine the amount I converted from a 401k to a Roth IRA between 2007 and 2010, given that my current brokerage only has records up until 2013 and I have my tax returns since 2006?
December 30th, 2024
A Montana 1120 corporation has elected to liquidate at the end of 2023 and become an LLC on January 2024. The corporation is an S-corp with a single owner who has passed away, and the children want to transition it to an LLC. Do they need a new federal ID (EIN)?
October 10th, 2023
As a first-year 1099 contractor expecting to make over $200k this year, how much can I contribute pre-tax to an IRA this year, can I use my rollover IRA for these direct contributions, and can I contribute to a Roth IRA despite the income limits?
June 23rd, 2023
How do I renew my PTIN?
April 28th, 2024