Hi everyone, I’m using FreeTaxUSA and need guidance on an edge case involving backup withholding with no 1099 issued. My situation: The BIZ bank account is for a single-member LLC (disregarded entity) The account is opened under my EIN only (my SSN is not on the account) I received a $400 bank account bonus The bank…
On Dec 29th the IRS updated the standard mileage rates for 2026. Rates apply to fully electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles. 72.5 cents per mile driven for business use, up 2.5 cents from 2025. 20.5 cents per mile driven for medical purposes, down a half cent from 2025. 20.5 cents…
Hi, everyone. I have a question about what qualifies as business income. During the tax year in question, I translated written materials for a nonprofit organization approximately a dozen times. For one of my assignments, I was offered and I accepted financial compensation. How should this income be reflected on my tax…
I opened my business in 2020 and never sold anything but now I am set up to sell online. I want to make sure I file correctly.
Hello, This is my first time using FreeTaxUSA. I am filing for the year 2021. I just filled out my profile information. I am inputting my W2 information. On my W2, it shows that I am a statutory employee. On FreeTaxUSA, it is "Statutory Employee - N/A" It says that it is not supported. What does this mean? Am I able to…
Do you have instructions on how to file properly for a Private Membership Association business?
I have an S-Corp that has been in the red for a couple years now. When I do start turning a profit, at what point (dollar amount?) do I have to start claiming what I withdraw as income? I live in California.
I'm helping my mom filing her taxes this year w/ freetaxusa, and I'm stuck on her Schedule K-1. My mom is a co-owner of a restaurant, and the Schedule K-1 she got this year has box 17 with code A, AC, AJ, and V. Code A has a dollar amount with it, so I know how to enter it into freetaxusa. For AC and Aj, there's an…
I am a non-resident from Peru and the sole proprietor of an LLC established in September 2023 in the United States. The LLC has received a nominal payment of $100 from Colombia through Stripe. Given the current and projected financial activity, I am seeking professional advice on my US tax obligations, including the…
In 2024 I expect to remove my vehicle from business use. I intend to purchase another vehicle to place in service. I expect to recapture depreciation on the vehicle removed from service and depreciate the new vehicle placed in service for tax year 2024. If I close my business later in 2024, will I also have to recapture…
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