A client sells life insurance and other financial products for a living. In insurance, there would be no cost of goods sold. He would be eligible for an SBA loan based on his gross receipts. Is there any special consideration in the insurance field that would influence him getting a loan and the amount of the loan?

January 13th, 2024

For a newly set up LLC in NJ (established in September 2021) that has generated less than $10k in the current calendar year, will the company qualify for a lower tax percentage due to its low income?

April 4th, 2023

Can I write off almost $100,000 in day-trading losses from 2021? I day-traded almost every day in 2021, trading many times per day, and ended up losing almost $100,000. I also had another full-time W2 job and my broker was set up as an individual account.

March 11th, 2024

My son and I are starting a side business mining cryptocurrency. We plan to open a shared bank account and split profits and expenses 50-50. Will this make filing our personal taxes difficult?

June 25th, 2023

This year, I will sell photos on eBay for other people and receive a 1099-K from eBay showing the total sales. I will deduct eBay fees and the amounts I paid out to these other people when doing my taxes next year. Will I need to issue them a 1099-MISC for the amounts I send them, considering each person's amount will be more than $600 for the year?

September 8th, 2024