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Deductions and Write-Offs

Home Office deduction

Asked Sunday, May 10, 2026 by Cherilee

I have an S Corp, Home Health Care business. I have a home office that occupies 57% of my home. What percentage of household utility bills can be a business expense

Business Formation

Retention FIRPTA Non US

Asked Friday, May 01, 2026 by joao

Hello, how are you? I hope you're well. I'm opening a single-member LLC in Florida. I live in Brazil and I'm Brazilian. Because I'm the sole owner of the LLC and I'm a foreigner, am I required to withhold 15% FIRPTA on land purchase and sale transactions? If so, how can I avoid this withholding?

Frequently Asked Questions

Self employed Walmart Spark Driver

Asked Wednesday, April 22, 2026 by Jenalee

Good afternoon, I am looking into working as a Spark Driver for Walmart. I am considered to be an independent contractor and held reliable for my own tax's. I have always had a W-2 job in the past. I do have 2 dependents and have always received the EIC. If I were to pursue this job, how would it effect the EIC?! Would I still be eligible?! I'd be making about the same amount of money as my current W-2 job. Thank you.

Health Care

Business expense

Asked Wednesday, April 15, 2026 by Cherilee

I have an S-Corp and provide home health care in patients homes. My drivers license is up for renewal and they are requiring a vision test that costs $120. Does this qualify as a business expense?

Personal Taxes

Inheritance tax question

Asked Tuesday, April 14, 2026 by Stephanie

I need to know what to complete for an inheritance I received. (It was land split with family members) and sold in 2025. I received a 1099-S and am filing on my own but do not know where to go to add this information in my taxes.

Retirement

Application of IRS §72(t)(2)(A)(v) does it apply to All 401(k) plans

Asked Friday, April 10, 2026 by Jeremy

My plans SPD states ARTICLE VII BENEFITS AND DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT When can I get money out of the Plan? You may receive a distribution of the vested portion of some or all of your accounts in the Plan for the following reasons: • termination of employment for reasons other than death, disability or retirement • etc. Does this mean that if my employment is terminated in the year I turn 55 I am not subject to any extra penalties on withdrawals

Tax Forms

IRS FORMS

Asked Monday, March 09, 2026 by selma nur

hello, i opened an llc in new mexico almost a year ago. i havent made a sale yet but apperantly i still have to file some reports to IRS. Can you help with that?

Nonresident Tax Issues

Taxes listed an earned in another state

Asked Friday, March 06, 2026 by Amanda

I worked remote in de. My co. Listed me as working in n.c. for about a week (less than 2 k). I received tax documents for n.c and de (where I live and work). I was in n.c. for 3 days for an all hands meeting. Should I file in n.c.?

Tax Forms

Form 5472 filing requirements for foreign-owned DAO LLC

Asked Wednesday, March 04, 2026 by Alejandro

I own a DAO LLC registered in the United States that is foreign-owned and treated as a disregarded entity. The company operates mainly with cryptocurrency and blockchain activities. I would like to know if I must file Form 5472 together with a pro forma Form 1120, what transactions must be reported, and if crypto transfers between the owner and the LLC are considered reportable transactions.

Tax Filing Tips

S-Corp Owner, No Payroll, Need 1120-S Help

Asked Tuesday, March 03, 2026 by Zachary

I own a single-member S-corp. In 2024, I had one client, earned ~$37k via 1099, and did not run payroll — I transferred funds directly to my personal account. I know this raises an IRS "reasonable salary" issue. I need help assessing my exposure, whether corrective action is needed, and filing my 1120-S.