Today Shelly from Baltimore, MD tells us, “I work for a non-profit organization. Someone recently expressed an interest in donating their home to us to use for office space, IF they could work out a favorable result with the IRS. My question is: can you donate real estate as a charitable contribution like you can […]
Today Heather from Portland, Oregon asks, “Can I report income from S Corporation on Schedule C? If not, how do I get the home office, depreciation, etc. deduction as I cannot find these in the 1120S form?”
Today, Ford from the Internet says, “Last year I was head of household for 8 months. Then, I got married. Can I still file head of household? I want to be able to collect an Earned Income Credit (EIC).”
Today, Yvonne from Illinois hopes we can help her “I filed for a divorce in March of 2004. We live in separate homes and separate counties. Can I file for head of household, knowing he will also file for head of household. The divorce is not final yet.
Today Julie from Mountain View, CA says, “I’m just launching a new business. After talking to an attorney, I decided I wanted to be an S-corp. I incorporated on May 12, 2005. When I read the instructions for Form 2553 (Election by a Small Business Corporation), it stated that unless I filed for an S-corp. […]
Eva here, with just a little Independence Day fun. Today we’re skipping the questions and tossing out a bit of 4th of July trivia and silliness. Starting with the pledge of allegience. Let’s stand up. Place your right hand over your heart
Today, Michael from Palm Bay, FL tells us “I bought a home in 1984 as my residence. I was transferred in 1991 and had to rent it due to there being no market for home sales. It was rented (rental property schedule E) until 2004, when I retired and sold it. Do I declare the […]
From: Everywhere – we had about 10 questions about tax bankruptcies, this week alone. Who knows, perhaps this article re-surfaced Dear TaxMama, Is it true that you really can get rid of your taxes through bankruptcy? What is a tax bankruptcy and how can I get one? Signed… everyone. Dear Family, About three years ago, […]