My husband and I own an LLC in Washington, a community property state. We recently reinstated our LLC after a break. We found out that the IRS has us classified as a C Corp due to a Form 8832 on file, which we can't afford due to double taxation. What are our options to avoid double taxation while keeping our current EIN? Can we change our election to a disregarded entity or should we consider an S Corp?
January 26th, 2023
We have not received the 2021 stimulus checks even though Rich received a letter indicating he had been paid. Our taxes were done by Michael Olff, of Gateway Financial, in Walnut Creek. How can we resolve this issue?
January 11th, 2024
In a 1040X, how is a capital loss reported and how does it affect adjusted gross income and tax liability? Specifically, if I had a massive capital loss (e.g., 30K), how would I report it and what are the implications for my tax return?
July 3rd, 2024
I am an Australian citizen on an F1 visa, currently receiving a scholarship from a US university to cover my living expenses. I am trying to understand if this scholarship is tax-exempt under the US-Australia tax treaty and whether I need to pay taxes in Australia to claim this benefit.
May 4th, 2023
I have moved from Broome to Canning Vale and need to update my address for my soon-to-expire Social Security card. I am 75 years old, retired since 60 due to knee issues, and have been receiving Social Security since then. I have no other sources of income and cannot afford any additional expenses. How can I update my address for Social Security?
November 11th, 2024
A client drives an 18-wheeler for a company and travels throughout the USA, receiving a 1099 for 2022. Since he doesn't own the truck, he cannot claim mileage. What standard IRS deduction can he claim for food and lodging expenses?
March 21st, 2024