I had an Etsy store that didn’t generate $500 revenue since July 2023 and started an eBay store in December 2023, generating around $500 revenue by the end of the month. As a sole proprietor, how does this affect my tax filing, and can I still claim business expenses like subscription fees, shipping costs, part of rent for a home office, and internet costs? Additionally, how will this impact our personal taxes if our gross household income is $200k and we live in NY?

February 21st, 2023

I recently separated from my partner, I only worked 4 months and made $4,000, while my 17-year-old son made $12,000. We are both filing from Texas. How should we file our taxes together?

March 12th, 2024

My wife does a lot of gambling online. We received a W2-G for $4,519, but our win/lose statement shows a net loss of -$5000. The statement also shows CoinIn ($350,000) and Coin Out ($345,000). Do I need to report $350,000 in winnings, and how should I handle this for tax purposes?

November 13th, 2024

I need my IRS PIN number because my tax filings are being rejected due to its absence. I am 64 years old, single, with no dependents, and my income includes SSI. How can I obtain my IRS PIN quickly?

September 18th, 2024

How should I record the journal entry for a building purchase where the total cost was $800,000, including $29,768.09 in taxes and $9,434.14 in seller expenses, and the loan amount was $760,797.77?

June 16th, 2024