You may only deduct expenses from the date it is placed in service and available to rent. Any assets you purchased prior to that date are added to the building and depreciated as one asset.   Placed in Service You place property in service in a rental activity when it is ready and available for a specific use in that activity. Even if you aren’t using the property, it is in service when it is ready and available for its specific use. Example. On April 6, you purchased a house to use as residential rental property. You made extensive repairs to the house and had it ready for rent on July 5. You began to advertise the house for rent in July and actually rented it beginning September 1. The house is considered placed in service in July when it was ready and available for rent. You can begin to depreciate the house in July.   Pub 527 ... View more

You would make entries in the Deductions and Credits section of the program.   The question will ask if you were affected by a natual disaster in 2019. However, the text advises you to enter "Yes" if it was declared between January 1, 2018 and February 18, 2020. See the screenshot below.     You will only be able to take advantage of the deduction if you itemize.     Casualty Losses   Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. See Publication 547 for details. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Casualties and Thefts and its Instructions.   ... View more

Any employee should be paid by Form W-2. The IRS is very specific about what constitutes an employee or an Independent Contactor. You can still set yourself up to pay any taxes that should have been done throughout the year. You will need to make payments through EFTPS.   That being said, his age has a lot to do with how he is taxed since he works in a family business. If he is under age 18, the payments are not subject to Social Security and Medicare taxes . . Please click this link Family Employees for more information.   ... View more

Keep in mind, it may be that the reason that the SSN is required in this case is so that the IRS can correctly assign to SE taxes to the right SS account, since you are a sole proprietor. ... View more

The instructions are correct. This is how another source explains it:   Enter your Social Security number in Part 1. The IRS prefers that you use your SSN, although it is permissible to enter an employee identification number (EIN) that you’ve obtained in your capacity as a sole proprietor. This is not, however, the same EIN which you may have obtained for the LLC. In other words, unless you obtained more than one EIN, just use your SSN.   Click here for more information: EIN ... View more

You have several questions. I will address them in order: The IRS opens for electronic filing on January 27, 2020, but you may submit it now to TurboTax to be filed on opening day if you have all your original W-2's and other required documents.  You may pay your filing fees with your refund at the time you efile. It is one of the three final steps in filing your return. If you don't have an HSA in 2019 (you can check Box 12 of your W-2 for Code W to be sure) you may delete the forms by following the instructions at this link How to delete Form 8889 ... View more

It depends. The requirement to make an estimated payment is based on your expected tax bill, not your withholding.   If the tax due on your 2019 return is less than $1,000 more than your 2019 withholding, you are not required to make an estimated payment.    However, if you expect to owe more than an additional $1,000 to the IRS for 2019, you are required to make an estimated payment. ... View more

A married couple filing jointly may claim a credit of $800 for donations to a Qualifying Charitable Organization PLUS an additional $1,000 for donations to a Qualifying Foster Care Organization for a total charitable tax credit of $1,800.   Please be aware that not all organizations will qualify for the credit.  More information - including links to the qualifying organizations for 2019 - can be found at the AZCredits.org web page. ... View more

You should discuss this with your mutual fund Administrator. They should be able to divide the account for you so that you avoid tax consequences on the division. ... View more