I am looking for advice on how to handle some stock sales for tax purposes. I purchased a large number of shares in a Broadcast company some years ago, and the company went under. The stock value went to a small value and no trading but remained on the exchange for a long time. In 2007, the stock was exchanged for stock in another company at a low value. I sold this new stock on 12/31/2007. How should I enter this on my tax forms?

June 4th, 2024

We are planning a high school reunion and need to set up a bank account to sell tickets and pay a deposit for the location. We are advised to get an EIN, articles of incorporation, and file as a non-profit, which could take months. We want to set up the bank account next week. Do we have to set up as a non-profit, and where can we find the Articles of Incorporation to file?

February 4th, 2023

Can the cost of a personal seat license (PSL) be depreciated under Section 179 of the IRS tax code if I'm selling all the seats as a broker, and if I have multiple side businesses doing different things, do I submit multiple Schedule C forms?

April 1st, 2023

My wife and I are retired. I am 65, she is 62. I draw Social Security (no tax withheld) and she receives 2 small pensions (no tax withheld). We have been drawing on an inheritance this year to supplement our income. We have 401ks, IRAs, Roth IRAs, a money market account, and other cash reserves. Our objective is to pay as little income tax as possible. Should we mix taxable monies for the remainder of 2012, and if so, what guidelines would you suggest?

December 1st, 2024

A taxpayer has a K-1 with ordinary income of $1,356,547 and wages of $243,000. She is single and filing as head of household. Her business is direct sales, which qualifies as a qualified business. Does she qualify for the Qualified Business Income Deduction (QBID) since her income is above the phase-in amount of $207,500? If so, how much QBID is she entitled to, and does her high income affect her eligibility?

May 20th, 2023