Catherine Javier
Best way to Lower Tax Bracket by Adding my Father?
Hello everyone, I am a rookie and need some light.My spouse and I are recently closed on a LTR under LLC. Both of us are w2's with AGI >150k. We have read that even if you're an active investor, if AGi >150, th...
Andrew Pettit
Active Military Tax Question
Morning BP, For the 2020 tax year as an active-duty military can I deduct my gas if I am driving to a location that is not my normal work office? I found out that active duty cannot deduct haircuts anymore. ...
Johnny English
Wyoming LLC but operating in CA
i have a virtual consulting business under a Wyoming LLC. Can i deduct business expenses (i.e. car, home office, travel, etc) for CA?
Lisa Mason
Home Office Deduction: Schedule E VS Schedule C
I've sort of got this question floating out on another thread, but I want to directly ask:As a landlord with 3 rental properties I maintain a dedicated home office. This is the first year I will be claiming the deduc...
Connor Mckelvey
Finding a Tax Professional
I purchased my first investment property in April of 2019. Now that it is January 2020, I want to start getting everything prepared to file taxes. My main source of income is as a W2 employee through salary, bonus and...
Paul Newby
Advice on strategy
I am currently looking to purchase a property to use as my primary residence (first time home buyer). I qualify for down payment assistance and mortgage credit certificate, so I was going to use those benefits to get ...
Brenda Budzinski
Vehicle expense vs. mileage rate
What are the pros and cons of vehicle expenses? Ive read there are two different ways to write off this expense. Actual expenses like car value depreciation plus insurance, gas, repairs, oil changes or the other opt...
Stuart Grazier
Itemized deductions for military?
In light of tax day tomorrow I’m curious what some of my military brethren have deducted from their taxes for their military job? Example: costs associated with buying uniform items. Anyone deducting uniform items? An...
Keith O.
Pay off rental/primary res to become financially independent?
Hello Everyone, I'm about to turn 35, single/not married, no kids, and am currently living in my basement and renting the rest of the house out (which I am totally content with ..have no desire to live in a big empty ...
Rocco Swinney
Married and cant writeoff rentals anymore?
Hi All!
I am getting married next year and I am trying to ensure all is in order. I always writeoff my rental losses each year
Ex. I make 80k and she makes 80k
My understanding is if your agi is under 100k you can ...