We sold our LLC-registered company in Louisiana for 2.1 million, with an initial investment of 920k. We are residents of California. What are the tax implications, including state and federal taxes, on our personal capital gains, and how is the federal long-term capital gain tax bracket calculated?

October 22nd, 2023

I am supposed to receive part of an inheritance in cash in the next 2 weeks. The lady mentioned putting it on my 2016 taxes, but I already filed those and spent the refund. I am confused about whether this inheritance will be taxed or considered income for tax purposes. I am located in California.

May 2nd, 2024

My parents want to add me as JTWROS to a brokerage account with stocks, bonds, and funds, that will currently pass to me in their will. We all live in PA. Assuming I don't access any of the assets, does/could this cause a loss of step-up basis for some portion of the assets?

February 25th, 2024

An individual with an immigration visa (DV1) came to the US for 6 days in 2016, converting to a Green Card holder. They spent the rest of the year in Israel and plan to return to the US in 2017. They are married with children, and their spouse also has a Green Card. How should they file their tax returns for 2016, considering they may have dual status (non-resident and resident), and what strategies can they use to eliminate or reduce foreign earned income tax?

August 13th, 2024

A client sells deals with vendors like utilities and cell phone service, and she markets her business by driving around town and visiting places like taco shops to chat with prospective clients. While at a taco shop, she buys a taco for her own lunch. Can she write off the cost of the taco as a business expense?

March 11th, 2023