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I have a new tax client out in Vermont that is asking me the
Hey Lane,I have a new tax client out in Vermont that is asking me the following question:I understand that, but, when filing personal taxes next year for 2020, can I still put down my home as "homeste… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, when I applied section 179 to depreciate vehicles
Lane, when I applied section 179 to depreciate vehicles purchased, it limited the amount to overall taxable income (which includes W2 wages) as opposed to business net income. Is not it supposed to li… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
If I buy a car under my name and then transfer it over to my
If I buy a car under my name and then transfer it over to my sole proprietorship do I have to pay the registration and tax two times in California?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, I have a client who had 2 vehicles totaled this last
Hi Lane,I have a client who had 2 vehicles totaled this last month. They received 1 check from their insurance company so far. How do I handle this through their taxes?Thanks,Kathleen… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
I have a client who owns an Antique Shop. 98% of the shop he
Hey Lane,I have a client who owns an Antique Shop. 98% of the shop he rents out the booths to other vendors. His company is a single member LLC. When I did his taxes back in 2016 I included sales from… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, I have a client who's company is a multi-member LLC
Hi Lane,I have a client who's company is a multi-member LLC and they are paying for the CFO's car payments. The CFO is not a member of the LLC. Should that be written off as Auto Expense or is that a … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
I have a client who purchase a shop for his auto business on
Hey Lane,I have a client who purchase a shop for his auto business on 10/16/17. From what I'm reading it looks like he could take a bonus depreciation of 100%.My questions are: #1 is that correct? #2 … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
I have a tax client that owns a Used Car Dealership. He
Hey Lane,I have a tax client that owns a Used Car Dealership. He drives around the inventory and in the past has written off the mileage. Can he do that? I would assume that just reduces the value of … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
I have built a new home to use as a short term vacation
Hello, I have built a new home to use as a short term vacation rental for 13 weeks a year and as a personal home for probably 4 weeks when not rented. The 4 weeks does not include the time I'm working… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,168 satisfied customers
I own a small business and purchased a used car for the
I own a small business and purchased a used car for the business. Am I able to deduct the purchase of the used vehicle?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Business Tax question here! Thanks for any help. I have been
Business Tax question here! Thanks for any help. I have been doing business taxes on a schedule C for several years but have requested and been approved by the IRS to change to an S-corp effective Jan… read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
19 satisfied customers
Lane, Going back to my question yesterday where I am
Hey Lane,Going back to my question yesterday where I am depreciating the vehicle for "its first time". I was noticing the previous tax preparer who did the 2015 return took a "reduction of basis" for … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, I have a simple question that I have been unable to
Hi Lane,I have a simple question that I have been unable to research that I need to be 100% certain on. My client who owns a business deducted his vehicle expenses using the Actual Method the first ye… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, Happy belated Thanksgiving to you! Hope all is well.
Hi Lane,Happy belated Thanksgiving to you! Hope all is well. My question today is regarding a gentlemen who is starting 2 companies. One is a (for profit) handy man service the second company is some … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
Lane, I'm working on a tax return for a Single Member LLC
Hi Lane,I'm working on a tax return for a Single Member LLC and I'm getting confused regarding depreciation and amortizations. He just started his business in 2015, and rents a building of which he ha… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
My wife has a job and makes $150k and I make about $60k from
My wife has a job and makes $150k and I make about $60k from rental property I manage. When she ran her earnings through turbo tax it indicated a tax refund. When our accountant did our taxes we had t… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,644 satisfied customers
Lane, I have a client who owns a pool service. He recently
Hi Lane, I have a client who owns a pool service. He recently purchased a pool route from another company. I'm a little uncertain on how to handle that transaction. He paid $2200 for the route. Will I… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
24,092 satisfied customers
What is the best way to maximize tax deductions during the
What is the best way to maximize tax deductions during the final month of the year? Specicially, for a sole proprietor in California, is there a list of categories and maximum amounts for tax deductio… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
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