asked
I want to open a corporation to help children in need in El Salvador. What is the best way to do it, and what are the steps to create a nonprofit, apply for nonprofit status with the IRS, and ensure compliance with tax and distribution requirements?
March 22nd, 2024
My daughter is 18 and a full-time college student who doesn't live with me. I no longer pay child support but last year I paid over $5K in child support. She made just under $5K working part-time. In the past, her mom signed an 8332 form. Would she need to sign that again? Am I eligible to file under Head of Household one last time? I also provide health coverage for my daughter. I did provide over half of her support. Help??
July 18th, 2024
If I sold a rental property for a $18k loss and received a 1099-C for $14k of cancelled debt, how should I report this on my tax return? Can I use Form 982 for reduction of income, or do I have to report both the loss and the cancelled debt on Form 1040?
December 28th, 2023
I sold a Prius in 2013 that I used for business and only deducted the miles. I used the proceeds to purchase a new Nissan at the same time. Do I need to use Form 8824, and if so, what does 'adjusted basis of the like-kind property given up' mean?
July 3rd, 2024
We received a 1099-R form from Vanguard. The form is addressed to the Estate of, and we have an EIN for the estate. Do I file this on our personal income tax or do I file taxes on the estate using the EIN number?
June 20th, 2024
As an S-corp owner who paid $12K in W2 wages for 2013, is there a way to make a contribution to a traditional IRA now without incurring additional Social Security and Medicare taxes?
October 7th, 2023