Instead of filing partnership tax forms, can I treat a loan from her to my sole proprietorship as a business loan, allowing her to exceed the $3k cap on personal loans?

September 10th, 2024

My client received deposits in his account from other companies but they were not income. How can I prove it for the IRS?

December 16th, 2024

I have a question about carryforwards and carrybacks on Form 1120. My corporation is showing a gain this year of $2229, but I have losses in previous 5 years. Can I use these losses, and if so, how much or how many years?

July 3rd, 2023

I opened an equity trading account in 2017 and made numerous day and swing trades. I lost money overall and on Dec. 31 I was flat with no open positions. Since I did not profit from the year of trading, do I still need to report it on my taxes? I don't need the $2,000 write-off since I have carryover from years ago.

April 22nd, 2023

I am a U.S. citizen residing abroad and interested in becoming an independent travel agent for side income. I plan to set up as a U.S. sole proprietor or LLC, maintaining U.S. ties but spending less than 30 days a year there. Most of my clients will be from the U.S. Is this possible, and how should I file my taxes? Would I claim the foreign tax credit/earned income exemption and also file Schedule C for the sole proprietorship/LLC? Additionally, if I earn at least $5000 in commissions within a year, and the provider takes 30% of all commissions but offers to pay 100% up front and then bill for their share, would this increase my tax burden?

March 16th, 2024