I have a couple who are not legally married but have been living together for years and have one child together. He is the only one with income, and she does not work. How should they file their taxes?

July 20th, 2023

Parents quick claim deeded their vacant farm land and a home attached to it to their son in 2017 and 2018, respectively. They were renting the home to the son before gifting it. They claimed the rent on their tax return and depreciated the home over the years. The combined value of the land and home, less depreciation, is estimated at $110,000. No money was exchanged between the parents and son. Do they need to file a Form 709 (Gift Tax Return) even if they will never reach the $5.49 million gifting limit?

October 22nd, 2024

I have underreported depreciation on an asset because I misclassified it under the wrong asset class (it should be 15-year qualified restaurant property and I have it as 39-year property). How do I adjust this on the next tax return without amending last year’s return, which was a partnership with too many partners? Is filing Form 3115 the only solution, and would my situation be considered an automatic change procedure? Also, since this will result in a negative 481(a) adjustment, will I be able to take it all as catch-up depreciation in the current year by just attaching a corrected depreciation schedule?

September 1st, 2023

I have a hairstylist business and I pay booth rent. I have an EIN and LLC, but did not apply for Form 8832 or Form 2553. I brought in around $65,000 this year and have paid federal and state estimated taxes. Should I have filed one of those forms? Can I still file? Do I have to file under Schedule C now?

January 11th, 2023

I'm doing my taxes through H&R Block using my last check stub since my employer went out of business and refused to send a W2. At the part where I enter all the wage numbers, what do I put in the box for social security wages and social security withheld?

July 21st, 2024