I have a taxpayer couple that he is on medicare and she has a marketplace plan. Both their incomes cause a large tax bill due to the marketplace plan. Since the... read more
Taxpayer paid tuition in December 2024 for program starting in January 2025. We have a 1098-T from institution for which box 7 is checked (indicates amounts pai... read more
Friends, Romans Countrymen (and women) lend me your beers....So I have a client who I filed a 1120-S Income Tax Return for an S Corporation last year. 2023 was ... read more
New in 2024 shareholder called Mr. X. S corp.These payments to Mr. X sound like guaranteed payments. But S Corps don't have GP.What is the tax treatment of thes... read more
My client has a partnership which conducts rental real estate activity. He has a net income after expenses. He has Sec 179 expenses which would offset the net i... read more
Hi Everyone,I have a client who files as single, and he pays for his son's child care. The child's mother pays her share of child care, files Head of Household,... read more
First, I know the rules for the energy credit for new furnace, one being an energy credit audit. However, my clients did not put in the new furnace for the cred... read more
Proseries shows this to be a required field and flags it as an errorI just spoke with Mass Department of Revenue and was told this is not a required fieldHow do... read more
I have a new S Corp client. Their gross receipts will be less than $26 million. Can I file as a cash basis and still report the inventory on the Balance Sheet a... read more
A friend, retired teacher, reports a $16,000 deposit from Social Security for retroactive 2024 benefits. The question asked, of course, is whether an ES payment... read more
This is my first time doing my own taxes. I am a retired 20 year Army veteran. I get my military retirement and VA Disability. My wife has a business. We are fi... read more
My client received 2 separate W-2's with dependent care benefits in Box 10 in both. One W-2 shows $2500 in Box 10 and the other W-2 shows $3000 for a total of $... read more
It is important to understand the difference between inside and outside basis for tax planning purposes, since a partner cannot receive tax-free distributions e... read more
A final 1041 was filed for the 2022 tax year for an Estate. In 2024, an additional (sizable) asset was located and a 1099-R was issued to the Estate EIN for 202... read more
