I was a contractor for part of the year and made about $8,400. I have some deductions I'd like to make (travel, new computer, etc.) and was wondering if that comes off the top of the $8,400. For example, if I made $8,400 and bought a computer for $2,000, would my gross income technically be $6,400? Additionally, how do IRA or 401k contributions affect this amount, and when do I need to set these up to qualify as a 2017 deduction?

June 16th, 2023

My wife and I file jointly. She has a TIN but is not a U.S. citizen. She continues to receive a widow's pension from the bank where her husband worked. Is that amount taxable?

February 3rd, 2023

Is it possible to open an LLC with only one member? Can this member be an employee of the company? If so, can compensation be divided between salary and distribution of profits? Which type of taxation exempts the distribution of profits to the partner from charges? Does the partner residing in the country need to be legally in America? If the work visa is expired, what is the procedure to open the company? Is taxation as an S-Corporation the best option for a company that invoices $1,200,000 a year with costs and expenses totaling $800,000 and a member's salary of $120,000 per year? Our main activity is subletting apartments per season; is there any activity related to this field where the taxation is more interesting for the company?

April 25th, 2024

I am transferring from WI to AK for a new government job, and the move is not being paid for by the government. I would like to ship my vehicle to avoid driving in the winter. I have an estimate of $5000.00 to ship it. Will this cost along with the airline ticket, rental car, and hotel cost while I find housing be tax deductible?

February 26th, 2024

Should a non-profit organization (NFP) issue 1099-MISC forms for payments made to artists as part of a 'Call for Projects' initiative if the payments were more than $600 each, and these payments were grants for which no services were performed?

October 8th, 2023