asked
We started a small business, loaned it money, and infused our own money to start it. After it became an LLC a few years ago, we asked if loan repayment to us is considered personal income. No interest was charged. Is there a tax code or case law that substantiates that loan repayments are not considered income?
July 25th, 2024
Expensing the 59(e) costs does not lower the tax liability and only increases the AMT tax which already is in a C/Forward position. This asset was sold in 2013, and his income will be over $1M mostly at cap gain rate and 2014 and later his annual income will be passive income and retirement income in the $200K range. Will the AMT carryforward credit be usable or wasted?
November 27th, 2023
I claimed 9 all year and made $18,850.00. How much earned income will I receive?
November 10th, 2023
On my husband's W-2, the company listed an amount in Box 12a Code AA, which is designated as Roth contributions under a section 401(k). Am I to list this amount on my tax return anywhere?
July 31st, 2023
My paycheck is currently being garnished through court order for a car loan. When I file my taxes, will they be able to garnish or tax my refund?
August 9th, 2023
My 4 brothers and myself recently sold our parents' home in Florida and we each received a check for $20,000.00 from the sale. Do we pay taxes on the $20,000 and if so, what percentage are we expected to pay?
October 10th, 2023