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Carryforward net operating losses are deductible on the S-Corp tax return for Massachusetts and not on the individual tax return, which differs from federal in ...
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The state of MA repealed the interest deduction for MA banks starting in 2024.Effective for tax years beginning on or after January 1, 2024, the Act repealedMas...
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U.S. Citizen is conducting business (not incorporated) abroad, Form 8858 not available in ProConnect
The business owner has an LLC in the U.S. and sells products abroad. In 2021, the business reported all expenses and sales through the LLC. In 2022, he operated... -
Self-employed business owner was contributing to SEP plan all year, however, year end sales did not go well, so he is reporting a loss. Since he can only contri...
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It was run under the LLC, his prior accountant advised him to do it this way for liability reasons...I advised him to run it under the Corp going forward.
