A closely held 100% owned PHC with a 3/31 year end - the owner died in 2018 - the corporation has $75,000 in cash that it wants to distribute to beneficiaries of the owner's will - can distributions be made to the beneficiaries with no tax effect to anyone? If not, what would need to be done - for the moment the corporation cannot be closed due to the ongoing receipts of royalties and the checks are made out to the corporation.

October 27th, 2023

I inherited a home and have lived in it for about 5 months. I want to sell it but want to avoid capital gains tax. How can I do this?

June 7th, 2023

As a first-time self-employed filer, I need help understanding how taxes work for self-employed individuals. Specifically, I want to know how deductions affect my tax liability, how much I should be saving for taxes, and if I need to make quarterly tax payments.

January 20th, 2024

In 2017, I had a mental health crisis and was unable to collect W-2s from numerous jobs and unemployment to file a tax return for the year 2016. Now that I am functioning normally, what should I do about my 2016 tax return?

January 27th, 2023

Since 2015, I've been recording Shareholder Loans in my books but not reporting them in my taxes. The total loan amount is now over $60K. Do I need to file amended returns to document these loans? Will this affect my ability to pay myself back later if I don't document them with my tax filings in addition to my books?

September 25th, 2024