Hi All - Unfortunately I have lost trust in my CPA after reviewing my latest tax returns(they missed major expenses that I had to call out) so resorting to this community for learning and knowledge while I also look f...

Does anyone know if you have a net loss for the year, do you claim your home office deduction that year and carry it forward, or do you "not claim" it, hold on to the info, and claim it when you have a net profit for ...

Can you claim the home office deduction if you don't have a business license? We have one rental property that we manage ourselves. We currently don't have our license. We do use our home office exclusively to work on...

I have an S-corp that rehabs and I own a few rental properties personally.  I turn over my Quickbooks for the S-corp and a spreadsheet for the personal stuff.  Its pretty much fill in the blanks for my tax returns.  W...

I am currently trying to finish my application for my first House Hack; I currently own a trucking company in Texas. My current financial officer stated he needs an Audited profit and Loss for 2020 however that would ...

This is a follow-up to my recent post about IRA audit myths. In this long sequel, I will discuss hiring audit and "IRS audit insurance."
1. DIY IRS audits.
Can you defend yourself against an IRS audit without hired ...

hey yall ill try to make this short. I have rental business , a 9 To 5 , and a freelance daycare cleaning job . At my house i own a separate building once used as a business by previous owners. Im using it as a 840 s...

Hi guys,I never claim my home office on my taxes and I was thinking that when I have an audit, and the audit finds something, then I can use the unclaimed home deduction to offset it.But then Ive heard that some deduc...

One of my tenants is asking me for a W9. Ever since they've moved in, they've been paying their rent in 3 checks: a personal check, a check from their first business, and a check from their second business. This has n...

So I recieved a notice today for a $1560 fine for an LLC taxed as S corp that I started beginning of this year.  I didnt file the extension, as the SCORP didnt make a dime ( im an idiot).  I realized after it was too ...