Having a business is both exciting and rewarding! But it can be
confusing if you don’t know what it means for your tax returns. Whether
you’re starting off and plan to conquer the world with your new
business, have a side gig for a little extra cash,...read more
I have a business in my name and my husband has a separate business in
his. We both file Schedule C with our 1040. He claims health insurance
on his. Do we have to file a Form 7206 for each of our businesses or do
we not have to file one at all? TT d...read more
mootziePosted a week ago
| Latest post yesterday by
mootzie
Hi all, we plan to sell a rental property this year. Several questions.
Thanks in advance: 1) Owned for 12 years as a rental property, and took
depreciation. Do we need to pay the long term capital gains and
depreciation recapture as estimated taxes,...read more
We moved from Texas to Colorado 2 years ago. In Texas we used to file
"File a No Tax Due Information Report" for our business entity because
there was no business activities. Now in Colorado, we registered a
business again, but also no activities. Is...read more
Have a 2 member LLC, husband and wife, living in Washington state, so
filed one Schedule C, since it is a community property jurisdiction. By
filing one Schedule C, found that the social security amounts were
reported on only one person's accounts. R...read more
cabgPosted yesterday
| Latest post yesterday by
CatinaT1
I’m currently perplexed about how to enter the sale date of my mother’s
home after she passed away. It is a bit confusing. She passed away on
December 31, 2022. (The day before 2023) It happened suddenly. It took
eight months to get her house, cleane...read more
Hi all, I filed final return for C-Corp which was 2023 tax year. I
didn't know if form 966 should be filed after 30 days of resolution. I
am an only owner and I make all decision, so I don't have any written
document. I just didn't have any income in...read more
The Expenses that disappears and replaces your values with "NOT STARTED"
are Other taxes, Insurance Premiums, Cleaning/maintenance, Utilities,
and Other interest. The Real estate taxes, Mortgage interest, and
Vehicle are still showing up.
lyratgPosted 2 weeks ago
| Latest post Tuesday by
PatriciaV
I was involved in a not-at-fault accident which resulted in the
insurance declaring my vehicle a total loss in 2023. I used this vehicle
for both personal and business use since 2019. The insurance company
paid off my lender and sent me a check for t...read more
My mother who died in June 2023 owned a rental home that recently sold.
It seems natural to compute the step-up basis value (i.e., the value of
the home at the time of my mom’s death) as the gross sale price less the
cost of improvements that the est...read more
Guaranteed payments here defined as paid regardless of profit or loss
and in an amount considered reasonable compensation for work. I have
accounted for these payments/wages on Schedule SE, but I'm unsure about
whether paying myself is a deductible e...read more