Can the large estimated tax payments made by my NYC S Corporation for capital gains be deducted off my Federal S Corporation return?

June 4th, 2024

I am using TurboTax for Small Business for the first time to file for our new S-corp. I have entered all the required information, but the balance sheet does not balance. I have tried multiple times with the same result. What could I be doing wrong?

April 15th, 2023

Is a parent entitled to the child care credit for a daughter born on 04/21/2002, who turned 13 in 2015?

March 31st, 2023

I inherited mineral rights in New Mexico in 2002 and have received some money each year. Now that I have sold them, I need to establish the cost basis for our inheritance. I was the executor and believe I made a mistake. Should I consult a CPA this year, and how do I establish the cost basis?

August 27th, 2023

I ran my business as a sole proprietorship for the first 2 years, then converted to a PLLC with S Corp election and was in corporate status for the full year 2011. If I had assets like a desk, printer, etc., on prior returns as a sole proprietorship which were fully depreciated in 2010/2009, do I still record those as a transfer to the S Corp as assets or capital contributions when it was formed? What about depreciation for my vehicle I used for business (80% usage)? Is that considered a depreciable asset as well that transfers to S Corp, and where do I record that in my return? The vehicle is still in my personal name, not the PLLC name. Even though not necessary due to sub-$250k revenues and assets, I am wanting to fill out a complete Schedule L and M-1 Balance sheet for record-keeping purposes.

March 18th, 2023