Can a loss on Form 1120S K-1 for an 1120 be considered as self-employment loss to reduce W-2 income and help qualify for EIC?
September 10th, 2024
What are the tax consequences of distributing the current year's earnings by a Sub S corporation with negative AAA (Accumulated Adjustments Account) and positive E&P (Earnings and Profits)?
May 6th, 2023
I am in the process of closing a 501C3 organization. What are the requirements and necessary forms to do this? We have been in existence for 15 years and have $30,000 to donate to the Education Foundation of the American Contract Bridge League. Can you help me?
June 14th, 2024
What should I do if someone else claims my dependent on their tax return?
June 11th, 2023
I am 65 years old and receive $6500 in Social Security benefits. I worked for three months in 2012 and made $9300, with $390 in Social Security tax, $135 in Medicare tax, and $890 in federal income tax withheld. Will I get my Social Security and Medicare tax withholdings back?
February 7th, 2023
I was a travel nurse in 2012, away from my tax home. I need to know how to report my meal and travel expenses in Turbo Tax. Specifically, how do I input the standard $46 per day meal allowance and claim round trip mileage from my hotel to the hospital each day of work, as well as other mileage related to my work?
February 28th, 2023
How do we treat the 4 dependents in case we decide to file as MFS (Married Filing Separately), both spouses have income, and living in the same household, do have mortgage interest to deduct as well. Is it possible to claim 2 each?
August 31st, 2024
As a financial adviser with both W2 and 1099 income, I own a Mercedes-Benz and use it infrequently for personal purposes. Should I continue paying my car note or consider leasing for potential tax deductions?
October 13th, 2024
My father won a lottery ticket in Virginia for about $150k. He is 63 and on disability, planning to move to Florida soon. Should he wait to pay taxes, and can he use an LLC or gift tax to help my brother and me pay off our debts while potentially reducing his tax burden?
December 16th, 2023
Filling out Schedule F (1040) with a loss, all at risk, but received a small subsidy. Do I have to fill out Form 6198 and attach it to the return just because I had to mark 37b on Schedule F? I have a $25000 loss and a $161 subsidy.
January 18th, 2024