I am on H1B status and made a passive investment in an LLC. I would like to know the proper procedure to file my individual tax return with a K-1 from the business, specifically regarding how to report passive income or loss on Part II, Line 28 of Form 1040. What is the correct way to file?

March 25th, 2023

I have a W-2 from my employer and a 1099 from side jobs. I was told I can have a solo 401K separate from my employer-sponsored 401K, with contributions calculated based on my 1099 income, potentially up to $59K. Can someone clarify if I misunderstood this, especially regarding the contribution limits when working for more than one employer?

February 4th, 2023

Are 403(b) withdrawals taxable on the NY IT-201 tax return for a 66-year-old individual?

June 7th, 2023

I am 66 years old, married filing jointly, with an income of $70,000. Will I pay taxes on my Social Security benefits of $24,000, considering I also have $6,000 in mortgage interest and $6,500 in federal tax?

September 11th, 2023

I have remodeled an existing business and added a paved driveway, replacing a crushed gravel one. I need to reduce my adjusted gross income. Can this be a one-time expense, or do I have to add it to the cost of the remodel? Should I depreciate the expenses or deduct them all in the same year? Is labor for repairs/remodeling considered part of the project for depreciation or a separate business expense? Can depreciation be heavier in the early years or on a shortened depreciation schedule? How is the value of the property determined for tax purposes?

August 11th, 2024