I have a rental property. I know that rent income is taxable, but are security deposits, utility deposit refunds, and money from the tenant for damages considered taxable income? Should all income received for whatever reason besides rent be the amount to be reported on my 1099 misc income?

September 10th, 2023

I'm starting a new career in trading the forex markets and I'm wondering whether to register a company or be self-employed. I plan to set up a £10,000 account and aim to earn between £1,000 to £2,000 a week. What are the tax implications, including the maximum earnings before tax, the tax rate after the threshold, and whether I can claim tax returns on losses?

January 20th, 2024

My friend is over 65 and is inquiring about the possibility of reimbursement for Medicare Premiums that were deducted from his Social Security. He is considering claiming it through filing IT-201. Is this accurate?

April 2nd, 2023

Instead of filing partnership tax forms, can I treat a loan from her to my sole proprietorship as a business loan, allowing her to exceed the $3k cap on personal loans?

September 10th, 2024

My client received deposits in his account from other companies but they were not income. How can I prove it for the IRS?

December 16th, 2024