[Event] Ask the Experts: Last Minute Biz Tax Moves

Join us on Wednesday, Nov 13th any time between 9:00 am and 5:00 pm Pacific Time for our latest installment of our Ask the Experts event series. If you’re self-employed and want to get you last-minute tax questions answered for free, this event is fo... read more

My wife gambles and runs up wining (gaines) but not more than the losses. The casino only reports the winnings. I have been using the schedule A to claim the losses. This means I loose the standard deduction and pay more taxes. Am I doing this property

Installment sale note sold and early pay out.

I had two condos that I sold on an installment sale last year. I bought the properties in 2019 for $125K each and sold both for $281K each on an installment sale last year. I earned about $12,000 each in interest in 2023 and about the same this year.... read more

Negative taxable income

Hello! I am self-employed and because I live and work overseas (thus qualifying for the foreign earned income exclusion), I am expecting to have a negative taxable income. What are some strategies I could use to improve the situation? (i.e., move ded... read more

Hiring a non resident alien spouse as a contractor

Hello! I’m self employed as a sole proprietor. I recently married a non resident alien and we live together overseas. On a part time basis, he helps me with my business for specific tasks, including translation. Can I legally hire him as a contractor... read more

Solo 401k contributions

Hi there! Thanks for this event. I am self employed with a sole proprietorship. If I contribute to a solo 401K, will that help to lower my self-employment taxes? If so, do I need to make an employee or an employer contribution? Thank you!

First-year day trader, a fresh starting MTM, will 3115 Form Part IV Section 481(a) Adjustments line 25 be "yes"?

I am a Turbotax desktop Home and Business Edition user.My MTM election was submitted with my 2023 tax return. 3115 Form will be submitted soon on paper. I don't have anything left from last year (tax year 2023) that needs to be handled this year. Q1:... read more

WIDOWED this year

1) I was widowed on April 17, 2024, and I have these questions. Am I able to designate that I am filing as a widow even tho it was less than half the year? 2) I am self-employed and have been collecting spousal survivor benefits since May. What are t... read more

Half year Sole Proprietor and half year S-corp

I formed a professional corp and became S-corp in July. How does it affect my tax return this year? Specifically, will the section 179 depreciation from my self-employe business get recaptured because I am no longer self-employed? I will still be usi... read more

Children moved to NYC from Long Island

I have 2 children who are renting an apartment in NYC. They moved in mid August 2024 from Long Island. One child is attending grad school in NYC with no idea where she'll live after. Is she considered a NYC resident for 2024? She will have been there... read more

Should I form an S Corp.?

I am an independent consultant and having been paying a significant amount of taxes. Should I form an S Corp?

General question about filing Single person LLC taxes through Intuit

I have used Turbo Tax for years for filing my personal taxes but was employed full time as a W2 employee.Last year I lost my full-time job and my income this year is a lot less and through my single person LLC in Michigan.My questions about using Tur... read more

Llc or sole proprietor

I am a hairstylist, and I am wondering if there is any benefit of becoming a single member LLC, over a sole proprietorship in terms of paying less taxes? im currently a salon owner as a member of a 3 person LLC, and we get some QBI deductions . I am ... read more

Problems downloading

I just got the 2024 desktop version but cannot download due to this message... "You can’t use this version of the application “TurboTax 2024” with this version of macOS."I tried to update my Mac but due to the age of my Mac, I am unable to....Can I s... read more