Unanswered Tax Questions

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Deductions and Write-Offs

Itemizing a large amount of non-cash charitable donations.

I'm a reseller as a sole proprietorship in phoenix AZ. I have a lot of items that I end up donating rather than selling, so I want to itemize them. Over the course of the year, I'll end up with well over $500, and probably over $5000 in non-cash donations, and I need help with what keeping track of that would entail.

Asked Wednesday, May 12, 2021 by Alex M.
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Home Ownership

Reduced Maximum Exemption

We bought a house in November 2020. We started a company in January of 2021 and my husband can now work from home forever at his other job. We are wanting to move our family and company to another state and sell our house here and buy a different house there. Would we be eligible for the reduced maximum exemption for capital gains taxes and if so, how does that work for calculating?

Asked Tuesday, May 11, 2021 by Rachel O.
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Deductions and Write-Offs

Filing to get the 2021 early refund payments

Hi, I didn’t file taxes for 2020 because I did not have any earned income. I allowed my ex-husbands to claim my children and they gave me the refund for 2020. However I read where the child deduction will come starting in July based on 2020 taxes. So I normally claim my two children but since my ex did it for 2020 how do I make sure that I start getting the payments in July. I will be claiming my two kids in 2021.

Asked Monday, May 10, 2021 by Tracy P.
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Personal Taxes

CO State Employee, PERA, No SS withheld

Hello, This is my first year working for the state of CO, and first time working where SS tax is not withheld due to PERA Defined Benefit plan. According to HR Block and Turbo Tax, I owe federal, and I am wondering if the PERA and SS tax have something to do with it, or why else I would owe.

Asked Monday, May 10, 2021 by Trent L.
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Business Formation

Best way to reduce my taxes for next year for sole proprietor small business?

Hello, I formed a sole proprietor small business 3 months ago. The business that I conduct is ecommerce. The nature of it is unreliable and it could end at anytime. I am worried about a large tax bill next year and I was wondering if there is a significant tax advantage to forming a LLC and/or filing as a scorp? Thank you.

Asked Monday, May 10, 2021 by Christopher W.
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Personal Taxes

child tax credit

If I owe back taxes will i still get the child tax credit monthly payments starting in July

Asked Monday, May 10, 2021 by Kenna R.
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Personal Taxes

Mom passed away and need tax return for her personally and a trust return. What type of cpa specializes in returns after family member passes

Hello. I am looking for someone to prepare my moms tax return and her trust return. She passed in august. Any recommendations would be appreciated

Asked Friday, May 07, 2021 by Suzy O.
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Home Ownership

If i sell my house after less than one year, what are the tax implications

Asked Friday, May 07, 2021 by Ellen M.
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Personal Taxes

Foreign earned income exclusion - physical presence test

Hi, My question is whether you have to be a resident alien or citizen for the whole of the 12 month period used for the physical presence test? I am a resident alien in the 2021 tax year and will be moving abroad from the USA in June 2021 to work abroad for the next few years. In 2022, i will likely be a non resident alien. So can I still use the physical presence test to exclude foreign earned income from June to December 2021 on my resident tax return? I will be a resident alien from June to December 2021 but I won't be a resident alien from January to June 2022 as I will be a non resident alien for 2022. Does that have any impact on whether I can use the physical presence test for my 2021 tax return? Thanks so much!

Asked Thursday, May 06, 2021 by Gary B.
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Personal Taxes

PPP2

I would like to know if unemployment benefits and/or gambling winning (W-2G) considered gross receipts to show reduction in revenue for PPP2? Nobody seems to know the answer

Asked Thursday, May 06, 2021 by Michael M.
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