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Recent Deduction questions

I am going to accept a freelance job and i want to use my

I am going to accept a freelance job and i want to use my LLC and pay myself through that.What do i need to do before i accept?How can i ensure that i do my taxes correctly?Will things be much different if i have another employee with me (my friend)?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I am recently divorced. I am just trying to fiqure out what

I am recently divorced. I am just trying to fiqure out what I should claim on my W2's. I really do not want to owe the government. I have 2 kids and I am lucky enough to have to pay alimony as well as child support! Any advise

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I've just started a PLLC. What are your thoughts on current

I've just started a PLLC. What are your thoughts on current IRS rules for a business vehicle? In particular, I am thinking of a large SUV (>6,000 lb gross vehicle weight). I understand there is a generous deduction for that. Further, I'm considering a hybrid (plug-in) version. Are there still tax credits available for that?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,962 satisfied customers
My parents loaned me 300k to buy a home years ago. When my

My parents loaned me 300k to buy a home years ago. When my wife and I divorced, I kept the 300k loan to my parents with me, she kept the home and she was supposed to pay me 300k over a number of years. She's never paid, and I don't want to take the home. Can I write the 300k off as bad debt, and can my parents write off the loan to me as bad debt?

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18 satisfied customers
Is a prepayment penalty on the payoff of a commercial loan

Is a prepayment penalty on the payoff of a commercial loan deductible as interest expense?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I am a joint owner of an LLC. My income is predominantly

I am a joint owner of an LLC. My income is predominantly made up of distributions from the LLC - So, most of my income is recorded on a form 1065 (Schedule K-1). I would like to max out a roth IRA this year, but I was told that I may make too much. Are there income limits generated from a K-1? If so, what are the income limits?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
A TAXPAYER OWNS AND LIVES IN HIS PERSONAL RESIDENCE. TEN

A TAXPAYER OWNS AND LIVES IN HIS PERSONAL RESIDENCE. TEN YEARS AGO HE PURCHASED A SECOND HOUSE IN THE SAME TOWN FOR $135,000 AND PAID CASH. FOR TEN YEARS HIS SON, DAUGHTER-IN-LAW AND GRANDCHILDREN LIVED IN THE SECOND HOUSE RENT FREE. HE HAS NEVER HELD IT OUT FOR RENT TO THE PUBLIC. DURING THESE TEN YEARS THE TAXPAYER TREATED IT AS A SECOND HOME AND DEDUCTED REAL ESTATE TAXES ON HIS SCHEDULE A. THERE WAS NO MORTGAGE INTEREST. CHILDREN MOVED AWAY IN 2016 AND HE SOLD THE HOME FOR $100,000 A LOSS OF ($35,000). QUESTION. IS THIS A (1) NON-DEDUCTIBLE PERSONAL LOSS, OR (2) CAN HE TAKE THE POSITION IT WAS AN INVESTMENT THAT HE HOPED ALL ALONG WOULD INCREASE IN VALUE AND BE SOLD AT A CAPITAL GAIN BUT ENDED UP A CAPITAL LOSS?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I have been working landscaping job for several years. I

I have been working landscaping job for several years. I have been just informed that my employer is going to file a 1099 for me for year 2015. Can he do that this late for 2015?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: ????JA: What confuses you?Customer: no one answered my question.JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I inherited a rental property in 2012. I have not been

I inherited a rental property in 2012. I have not been depreciating this property with the appraised value upon my mother's death. Can I start depreciating now? Thank you, TerriJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The rental property was in my name along with my parents. Upon their death the property was legally deeded to me and an appraisal was done at the time of my mother's death. Can I begin to depreciate this property at the appraised value for my 2016 income tax or do I have to file depreciation for the last 3 years?JA: Is there anything else important you think the Accountant should know?Customer: No, I think this will suffice. Thank you, Terri

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18 satisfied customers
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