asked
In 2015, I exercised a stock option of 10,000 shares with an exercise price of $8.52/share and a Fair Market Value (FMV) of $35.98/share, resulting in a significant AMT tax. Each year, the company issued me a K1, with the last one being for 2021. The stock became worthless in 2021, and I plan to file a capital loss on Schedule D with a basis of $84,000. I also have an AMT credit carryover. How do I claim the AMT credit, is it refundable, and how do I determine the amount for line 2k on Form 6251?
October 27th, 2023
I'm trying to start a tech company with a coworker who lives in Florida. We've heard that registering in Delaware is advantageous for tax benefits. We'd like to know if this is accurate and if there will be any issues since we live in different states. Will we need to file in our respective states as well? What kind of business entity would make sense for us to register in Delaware, and how would taxes be handled if we decide to change the legal structure in the future?
May 3rd, 2023
I started a sole proprietor business in January 2024 and will make money starting this spring. I incurred startup expenses in 2023 preparing for my business. Do I claim these expenses on my 2023 taxes or wait for the 2024 return?
August 12th, 2024
I have a Wyoming LLC and I sell tours in Belize. Do I need to collect Wyoming sales tax, and if not, do I need to fill out a tax exemption form for Wyoming?
January 1st, 2023
I was told to contact the IRS for verification of my tax return in 2021 to confirm that I am the person claiming the tax return. The company that did my taxes, Tax Solutions, advised me to call them as they can't handle it. What should I do to verify my identity with the IRS?
June 24th, 2023
In 1999, I received two W2 forms, one from Kroger Co and one from Kroger Texas LP. Both showed identical amounts for social security, but only one showed yearly earnings. Why is that, and why are there no earnings shown for Kroger Texas LP?
March 27th, 2024