I received a 1099-MISC for a life insurance payout. Do I need to report this if it's non-taxable? Is it common to receive a 1099-MISC in this type of situation where I receive the payout as a beneficiary?

August 30th, 2024

How should depreciation on a residential rental property held in a trust and sold in the final year of the trust be presented on the K/K-1 form, considering it was allocated to the estate in the prior year but is being passed through to beneficiaries in the final year?

March 7th, 2024

How can I deduct R&D expenses (travel and online services/software) incurred in 2014 for a business that will be formed and start operating in 2015?

March 26th, 2023

I retired in 2014 and receive pension and Social Security. I've never had taxes taken out of either. Should I be? I retired at age 62 and am now 65. I also received a 401K withdrawal, and the federal government is taking money out of my Social Security monthly for taxes. Is it normal to have taxes taken out of pension and Social Security, and do I need to file taxes going forward?

June 4th, 2023

Before 2018, my business was a joint venture between my wife and I, and we were depreciating some business assets (Laptop and monitor). For 2018, we changed the business to an S-corp. How do we treat the assets that we were depreciating for 2018 taxes, and how do I contribute the assets to the S-corp if they have already been partially depreciated?

February 3rd, 2023