I am self-employed and have health insurance through my state's marketplace. I received a form from them and filled in the info on my return. I want to know if I can claim the out-of-pocket premium I paid and if I should show that amount under medical deductions or under self-employed health insurance.

June 26th, 2023

I registered an LLC in Delaware on 09/18/15 with myself and my wife as members. We filed an LLC Operating Agreement on 12/28/15 and funded a business checking account on 12/31/15. No revenue was generated in 2015, and no reimbursements were made from the business account to our personal accounts. We plan to file a Form 2553 for 2016 to be taxed as an S-Corp. Do we need to file a Schedule C for 2015, and does the third party who funded the business account on 01/05/16 need to file anything for 2015?

June 5th, 2023

If I claim my unemployed 28-year-old son as a dependent on our tax return, would I be liable for any penalty under Obamacare regulations, especially if he has no health insurance and we cannot afford it? Additionally, if we don't claim him as a dependent, would he be responsible for the penalty himself?

March 23rd, 2024

I have a grown, disabled, and institutionalized child. Where can I find information on claiming him as a dependent, given that he receives disability from the government and has a state-assigned conservator?

May 14th, 2024

A friend wants to purchase a share of an Oregon LLC that owns a plane used in CA. The original owner has sold fractional shares in the LLC to several California individuals. The LLC only holds the asset and does not function as a business. One of the CA individuals wants to sell his share in the Oregon LLC to my friend. My friend wants to know: 1) if the LLC shares avoid sales tax in CA, 2) if there should be an LLC in CA as well as in Oregon, and 3) if the CA 4-year statute of limitation would apply if the state were to decide that sales tax is due on the plane despite the LLC share being the item sold.

November 3rd, 2024