I am a single-member LLC reporting as a Sole Proprietorship. I have put in $33k initially and am considering putting in another $70k directly against a business loan. I want to ensure I am not double-taxed when I take out this money after selling the business. If I sell the business for $200k, with the loan paid down to $50k, would $100k come back to me tax-free, and the remaining $50k be taxable?

December 6th, 2023

I received a letter from the IRS notifying me that someone may have filed a tax return for me for a specific year. They asked me to appear in person to verify my identity. However, I am currently locked down in the Philippines due to COVID-19. Is there another way to rectify this issue without appearing in person?

September 17th, 2023

Partnership to S Corporation conversion: This company filed its 2019 tax return as a Partnership and filed an S-election in Jan 2020. The owners and their percentage of ownership will remain the same. Do I need to file a final 1065 for 2020?

July 18th, 2023

How can I get proof that I was receiving social security benefits from my deceased father for the purpose of transferring property ownership?

March 13th, 2024

If I’m claiming my mom as a dependent and we sold her home this year for $370k, can I still claim her? The initial value of the home was $220k, and the capital gain is $370k after the sale. Additionally, can I claim the expenses on my taxes for fixing the place, adding a bathroom, roof painting, and mortgage since I paid for everything?

July 1st, 2024