Do Delaware LLCs have to pay state, corporate, and capital gain taxes if the company does not operate in the state and only has a registered agent and virtual office?

August 7th, 2024

I have several businesses and use my home for all of them, but I only deduct home office expenses for one, specifically for online sales. I use a computer and office table for two businesses. Can I still deduct that space for just one business to keep it simple? How do I measure a home office? For example, my living room and hallway have inventory racks against the wall, but also have space in between for other activities. Can I deduct the space around the racks but not the space in between? I also have a room dedicated solely to inventory. Can I deduct the entire room since it's used only to access the inventory and nothing else?

August 24th, 2023

How should a taxi medallion be categorized and treated for tax purposes when filing Form 982 for reduction of tax due to debt cancellation?

August 15th, 2023

What forms do I need to file for tax year 2018? I am retired and receive social security and a federal annuity as a widower of a federal employee. I also want to itemize deductions and determine how much of my social security is taxable.

January 16th, 2024

I am 74 and my wife is 75 years old. We both received a total of $29,640.32 from our teacher retirement and $30,304 in Social Security for a combined income of $59,944.32. The only deduction I can take is $24,000, leaving me with $35,944.32 as my income. I looked at page 58 of a document that says it's not a tax table. Does this mean I owe $3,278 in taxes, or where can I find the correct tax table for what I owe? I had $5,070 withheld for federal tax in 2018.

September 28th, 2023