I have a company business and use a car that is in my name only for use in the business. I am told that I need to have this auto in the company name and the bank where I have the loan will not just add the company name to the loan. The bank says it will need to generate a new commercial loan at higher interest rates and also new DMV fees. Is there another way to handle this problem? Right now my business is depreciating the auto and writing off the interest expense on the loan.

January 9th, 2023

What does it mean to be a beneficial owner receiving compensation for personal services performed in the United States and whether to use Form W4 or 8233 while filling out Form W8-BEN as an international student working on OPT?

September 16th, 2023

I have an S-Corp (I am an actress and use this as my loan out). I’ve set a W-2 to pay myself a “reasonable wage.” How do I pay myself “dividends” and how often am I allowed to do so?

October 9th, 2024

I refinanced my home at the end of 2018. I didn't start paying on the new loan until January of 2019. I took cash out in the loan but did not use it on fixing the house. In TurboTax, it asks 'enter the mortgage interest from the amount of the loan used to buy, improve, or build your home that you paid in 2018.' Do I say $0.00 because I didn't pay anything on that loan until 2019? It also asks how much my loan is to start 2019. Do I use the new loan number or how much I owed based on the 1098 I got for my old loan? Additionally, it asks if I refinanced in 2018. Do I say yes or no? My refinance was done right at the end of November, and I didn't have a payment on the new loan until 2019.

July 1st, 2023

Can a husband claim head of household status if he makes less than the wife, and can he file head of household while taking the earned income credit and claiming dependents, with the wife filing as married filing separately with no dependents? Also, is there a plan to eliminate head of household status, and how would that affect tax filing?

April 14th, 2024