You would fill out the form as "S-Corporation name D/B/A trade name."

It seems like A is the correct calculations. Also Investopedia got an example: "Realized Losses and Recognized Gains Another category is recognized gains. Although all capital gains realized in a given year must be reported for that year, there are some limits on the amount of capital losses that may be declared in a given year in some cases. Again, while any loss can ultimately be netted against any capital gain realized in the same tax year, only $3,000 of capital loss can be deducted against earned or other types of income in a given year. 1 For example, say that Frank realized a capital gain of $10,000. He also realized a capital loss of $30,000. He will be apply $10,000 of his loss against his gain, but can only deduct an additional $3,000 of his loss against his other income for that year. Then, he can deduct the remaining $17,000 ($20,000 - $3,000) of his capital loss in $3,000 increments from income every year from then on until the entire amount has been deducted. However, if he realizes another capital gain in a future year before he has exhausted this amount, then he can deduct the total remaining loss against that gain. So, say he deducts $3,000 of that $17,000 loss in each of the next two years and then realizes a $20,000 capital gain. Frank can then deduct the remaining $11,000 of loss ($17,000 - $6,000) from that capital gain, leaving a taxable gain of only $9,000."

"b." is correct. I wouldn't count on chat CPT for tax guidance.

You're welcome!

I'm glad you found it helpful! Goof luck with your studies.

As long as you have a tax liability (which is the number on line 16 of your form 1040, you can take advantage of the credit to lower that figure and increase your refund.

You're very welcome!

When you receive your confirmation from the state, that is considered your date of formation. You will have 90 days from that date to comply with BOIR.

@@TheTaxGeek sub :)

The loss on the first lot of shares you purchased would be a "wash sale." For tax purposes, the $500 loss on the sale of the first lot of securities would be disregarded and you would have a $500 recognized short-term gain.

Technically, any expenses you incur before you place the property into service are added to the basis of the property. That said, you probably wouldn’t get into trouble if you deducted the cost in the current year if you place the property into service soon after you purchased it. As for depreciating the furniture itself, the depreciable basis of the furniture is its fair market value as of the date you converted it, and depreciated under 5 year MACRS.

@@TheTaxGeekthanks so much!

@@TheTaxGeek just a follow up if you don’t mind ….when you say add the cost to the basis of the property in one of your options, I assume you mean to the home basis(to be depreciated over 27.5 years) as opposed to the basis of the furniture, with the shorter depreciation schedule? Or maybe either one is acceptable?

No, you can only take the Credit in the year the improvements are installed.

The biggest problem with the "Saver's Credit" is that it's limited to tax liability. Many taxpayers have income low enough to claim the credit, but their low taxable income doesn't generate enough tax to be able to take the full Credit. I believe that the "Saver's Match" removes that limitation, giving most taxpayers more, but, by depositing the match into a retirement account (a) helps lower income people save for retirement and (b) cuts down on potential fraudulent Savers Match claims.

@@TheTaxGeek That is a good rational, especially when you mentioned about the potential to reduce fraudulent claims. That makes way more sense now, thanks!

Just about every topic I cover lists resources and information in the description. Most of my information comes directly from the IRS, but I do back it up from outside sources, mainly investopedia.com and nerdwallet.com. Both sites are regularly updated with language that's simpler to follow than the IRS. You'll often see headlines in the mainstream media, but these stories often lack context and don't give the entire story. Major tax preparation sites such as hrblock.com and turbotax.com also provide useful and up-to-date information. Just remember that all commercial websites are trying to sell you something, which is why I double check with the IRS. Thanks for watching!

Yes, you should check box 3b.

@@TheTaxGeek Thank you!!

You're welcome! I'm glad you found it helpful!

You're welcome! I'm glad you found it helpful.

If you are paid as a regular employee (i.e. receive a W2) your commuting mileage is not deductible.

Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-kXdSK0LHhq8.html helps to clarify this.

@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?

Thanks for pointing it out. It will be noted in the description and a pinned comment.

No, the vast majority of taxpayers have no idea why and how their Social Security benefits are taxed. In fact, a lot of Tax Professionals don't know a sufficient amount about it to properly explain it to their clients. It's really not the job of the SSA to explain this; only note that some benefits may be subject to taxation. It's actually up to the IRS and Tax Professionals to provide this education, BUT, because the computation is complex and involved, such education is hard to do.

If you're asking what the income tax withholding in based on, it's your gross pay less the pre-tax deductions, including the Roth 401(k).

@@TheTaxGeek but roth is listed as after tax. Lol. I give up

The trust is not included in the BOI reporting for the corporation/LLC. However, if the trust owns more than 25% of the entity, the trust itself has a BOIR.

I presume you mean a "backdoor Roth." I've added it to the list!

@@TheTaxGeek Yes....

Only if you have created an entity, such as an LLC or Corporation, is there a BOIR requirement. There is no requirement for simply having a DBA registered with the state or local government.

Even if you claim actual expenses for the vehicle, you still have to track business v. personal mileage. That creates the fraction of your actual expenses you can deduct.

@@TheTaxGeek hey there. Thank you for responding. My question would be is the “commute” portion always to be accounted for as personal travel? Even when you’re not using the standard mileage rate?

Arizona is a community property state and your income, deductions, withholdings, and credits (except EIC) are shared 50-50. IRS rulings and procedures are very complex, as are the community property laws of each of the nine states that are community property states. It's usually best to consult with a qualified Tax Professional in your community to make sure everything is submitted properly.

You're very welcome!

Thanks!

*blush*

Well, it depends. If the estate is passing through to you income that would have been taxable to the decedent then it would be taxable to you.. If it's taxable, the income will be reported to you on either a Schedule K-1 or a 1099R. A straight money or property inheritance is not taxable to you. If it's taxable to the Federal government, it most likely is taxable to Massachusetts. Although I don't know the detailed ins and outs of Massachusetts income tax. For more information on how death affects taxes, you might want to check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-pIi_kohV8uI.html