If I file exempt on federal taxes for the whole year as a head of household with a dependent 13-year-old and have a gross income of $95,000, would I end up owing $5,000 in taxes, and what deductions or expenses could I potentially claim?

December 15th, 2023

I quit farming and want to sell my home along with the farm land and woods. The home is valued at about $175,000, and the farmland and woods are valued at about $225,000. Can I exclude the entire sale amount under the $500,000 tax exclusion for my home?

December 20th, 2023

I have an out-of-state single member LLC that did business in California. The tax preparer expensed the income from the LLC to me personally as management fees, significantly reducing California state tax since there was essentially no net profit left to pay on California source income. Is this legitimate, and what written/legal support holds? How can I obtain a written and verbal opinion from California to ensure the CPA's actions were correct?

October 15th, 2024

Approximately 20 years ago, I established an irrevocable trust and received an ID number. I cannot find this number and am 76 years old, trying to organize things for my wife. How can I find out the number?

December 30th, 2023

I am forming a new LLC partnership with 6 members. Member A is contributing intellectual property (IP) valued at $125k and will work full-time without salary for 6 months. Member B will also work full-time without salary for 6 months. Member C will invest 160 hours per month for 6 months and be paid from future profits before other members. Members D, E, and F will invest 50 hours per month for 6 months without special repayment. Should the starting capital accounts be $0? Should A's capital account match the FMV of the contributed IP? Should C's upfront time investment be booked as a loan or a special allocation of income? Will any members have tax liability at the formation of the LLC or before receiving income from the LLC?

June 8th, 2023