I sold a condo in Florida for a capital gain of $200,000. I have $20,000 in income from half Social Security and half dividends and stock gains. I am a Maine resident. Do I owe taxes in the US and Maine for that gain, and when do I get US tax forms?
July 11th, 2024
I am getting a divorce and want to know if gifting half the equity in the home to my husband, who is not on the title, will incur tax repercussions. I am located in Phoenix, Arizona, 61 years old, and do not have any dependents. I usually file jointly with my soon-to-be ex-husband, and I do not work. Is there any tax implication if I gift half the equity in the home due to the divorce?
April 20th, 2023
I and my family members formed a 4-member LLC partnership in Florida last year. Our first year's total income is about $880, and we have spent (invested) $3500. Must we file Form 1065 this year, and do we need to file any other forms? Additionally, where should we note expenses such as LLC filing fees, advertising, payments to gig workers, monthly bank account fees, domain costs, and advertising?
December 14th, 2024
We bought our current house in August 2019 and are moving to another state for job reasons. To avoid paying capital gain taxes, should we wait 2 years before selling our current house? If not, what are the implications of a partial exclusion, and how much could the capital gain taxes be?
April 18th, 2024
LLC members have to pay full payroll tax 15.3% when taking profit from the LLC, but small corporation, Inc, the shareholders do not have to pay payroll tax when taking profit from the corporation, is this correct? I am trying to choose between an LLC and an Inc, and need some suggestions.
April 17th, 2024
When an S-Corp withholds taxes from employees, where does that money have to be paid to, and what happens to the difference if the employee's refund is less than the amount withheld?
January 13th, 2023