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What is the name of your state? NJ
I have a home in NJ that I bought for $62,000 in 2009 and that I will sell for $200,000. It is not my primary residence. $138,000 is the difference between my basis and the proposed sale amount.
What is my capital gains tax if I sell the home in NJ for...
What is the name of your state? NJ
I have an LLC with 2 members, which I understand can file its taxes in NJ as a partnership or as an S Corp.
What are the advantages and disadvantages of each? I understand that filing as an S Corp requires submitting a balance sheet and filing as a...
What is the name of your state? NJ
I own a sole-member LLC registered in NJ. Rather than file its taxes under Schedule C of my Form 1040, I want to be able to file a separate return for the LLC. I understand that I need to file Form 1120-S Corp. (U.S. Income Tax Return for an S Corporation)...
NJ
What would I expect to pay an accountant to prepare my federal and state taxes? My income includes wages, a side business, IRAs, and a couple other sources of income. I have various deductions, including charitable contributions. I would characterize my taxes as having medium complexity.
NJ
Multiple websites contradict themselves with respect to whether members of one-member LLCs and multiple-member LLCs should report their income or losses from an LLC on Schedule C or on Schedule E.
According to https://www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html, the owner...
NJ
I have reimbursed [corrected: UNREIMBURSED] expenses that I incurred as part of my employment that includes hotels I stayed at and driving / gas / miles / and tolls. This exceeds 2% of my employment income. Can I deduct these expenses from my federal or NJ taxes?
NJ
Is my two-member LLC required to file a tax return in a year where it did not earn a profit? It broke even between rent it received on a property it owns and expenses and thus has no income to report.
NJ
Can I deduct from and offset income that I receive as an employee of a company based on any of the following:
Losses from rental property. I believe the answer to this sub-question is “yes,” provided I am not real estate professional, am actively involved in running the rental properties...
NJ
I understand that for the 2017 tax year and earlier, a taxpayer could claim a disabled person as a dependent and receive a tax exemption if the disabled person:
Receives more than one-half of his/her total support from the taxpayer;
Is either a US citizen, a resident of the US, Canada, or...
New Jersey
I am en employee of a company and also run a home business on the side. I purchased a laptop that I use for both my employment and my home business. I have not been reimbursed the cost of the laptop. Would it be better to deduct the cost of the laptop from the salary I receive from...
What is the name of your state (only U.S. law)? NY
I just found another company using my trademark. I started using mine in commerce in 2011. The first I noticed them using the trademark was last month, when I found them on an internet search. Neither I nor they have registered the trademark...
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