Online Tax Consultant - by A. Morani CPA CMA CFM CTP MBA

Take a look at the right panel below on this page for some recent questions asked by our members

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Recent Tax Questions

Q1. Does the section 179 deduction for 2011 include SUV vehicles?

Q2. I recently sold a business which was basically made up of just a taxi medallion. So, you could say I sold a taxi medallion that was under a corporation. I owned it for over 10 years. How will I be taxed on the gain I made on that sale?

Q3. If I invest in a restaurant business can I deduct my investment in the real estate in this year return?

Q4. Could you please explain how an LLC can file as a corporation as I heard it is possible to do that?

Q5. I am a 50% shareholder in an S Corporation. I have heard this talk about reasonable compensation. What is it?