asked
My wife and I each own a small business and we want to buy or lease new or used cars. My wife drives approximately 20,000 miles per year for work and wants an SUV, maybe a Range Rover Sport that costs $50,000. I drive only 5,000 miles per year max and want a luxury car for clients, maybe an S Class Mercedes that costs $70,000. Assuming no trade-in, what are a couple of smart examples? Lease brand new? Buy new? Buy used?
December 10th, 2024
I have AMT carryovers from previous years, specifically AMT Short-Term Capital Loss, AMT Long-Term Capital Loss, and AMT Investment Interest. I want to do my taxes myself this year and need to know how to document these carryovers to ensure I don't lose them. What should I do?
April 27th, 2024
I am a 66-year-old guardian of my 10-year-old grandson. I receive no assistance in raising him, and his father is in jail. I don't know if his mother is still around. Is there any kind of assistance I can apply for to help with feeding, clothing, and getting him through school? I expect to have him for at least eight more years, and my Social Security does not cover the bills.
November 19th, 2023
Do I have to pay taxes on the sale of a house that I inherited in 2012 for $80,000? My sister received a tax form for the sale for $72,000 that we split, and her accountant is saying she owes taxes on the proceeds as income.
February 29th, 2024
Does Section 179 apply to all businesses regardless of size, and how should leasehold improvements be handled for Section 179 eligibility, particularly if the landlord pays for the improvements but includes the cost in future rent?
September 24th, 2024
Is it possible to transfer profits from one business to another and what is the best tax-advantaged business setup for such a transfer?
February 17th, 2024