Wife and I have been trying to use the real estate professional feature in FreeTaxUSA. We have been real estate professionals (REPs) since retiring from W-2 jobs in 2023, but in the years before we were REPs, we accumulated over $120,000 in suspended passive activity losses (PALs). As REPs, we don't aggregate activities,…
I'm transitioning to self-employment/1099 work and wanted to share my understanding of the tax process and get confirmation I'm not missing anything. My state doesn't have income tax so I shouldn't have anything to do with state tax. Step 1 As a 1099 worker, you pay two types of federal tax: Self-employment (SE) tax.…
Can this website generate a 1099 misc form for tax year 2018 to print and mail
While I was looking for different online provider for S-Corps this web page for Free Tax USA kept popping up - https://www.freetaxusa.com/small-business/ It turns out that it only means that they can handle business forms when you are filing your personal taxes. That took me three email sessions to get the full answer.…
I recently filed my late 2022 Self employment tax return for a refund. I still need to file my daughter's 2022 income tax return for her refund, can I just use my account that I already paid for the upgrade? If yes how do I start a fresh 2022 file for her
I have recently filed my tax return via Free tax USA. Now I need to file a different 1040 return of my family members. Can I use the same email id which i have used already to create a new account profile for my family members?
I recently paid for resurfacing a commercial parking lot for a small business property I manage. I’m confused whether this cost should be treated as a repair (fully deductible in the same year) or as a capital improvement that needs to be depreciated over time. The work didn’t completely replace the structure but improved…
How do I calculate MAGI?
My tax return was rejected because invalid coordinates on form 3468. After investigating, FTUSA input the wrong longitude on the form. The problem is 2-fold: My longitude is a negative number. I believe FTUSA is treating the negative sign as a digit, and it's saying "The Facility Longitude must be less than or equal to 10…
I know the direct deposit/debit info can be viewed in Final Steps, but that is only available once the return is complete. Can I see bank account information anywhere else?
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