Unanswered Tax Questions

Tax Forms

What allowances should I claim if I want less income tax withheld?

I need advice from a CPA on how many allowances to claim on my W-4 if I want more money each paycheck - but still want to avoid having to pay a lot when I file for 2021? Is it better to claim 1 instead of 2, just to be safe?

Deductions and Write-Offs

HSA reimbursement

I am 69 yrs old and on Medicare. I have funds invested in an HSA. Is there a deduction I can claim if I reimburse myself for Medicare premiums I've paid out of pocket in 2021?

Miscellaneous

Affiliate Business Income

I have a business that is a Corporation. If I start an affiliate marketing internet business, can I process the income from the internet business through my existing Corporate business?

Business Formation

tax problem as a fforeiginer form a llc in WY state

I will form a llc in wyoming and do business on amazon Hou to do my tax I live in china and not a us person

Nonresident Tax Issues

1099K on H1b visa

I recently made a transaction on a ticket reselling website for event tickets. The cost of ticket sold was $544 dollars. I had bought these tickets from another ticket reselling website for $545 dollars , ($512 - cost of tickets, $33 - insurance for tickets). Would I receive a 1099K form? If I receive the same can I justify this transaction? I am on H1b visa and 1099K would have impact on my visa status. This was a 1 time transaction. How should I report this to IRS during filing of my tax returns? Please advise

Personal Taxes

College student, who can claim as dependent?

I pay for well over 50% of my 20 yo, full-time college student's living expenses. His dad and I have been divorced for ~17 years. It is my understanding IRS rules dictate who claims our son as a dependent, not the divorce decree. When our son comes home on breaks he stays at his dad's. Who can claim him on 2021 taxes as a dependent?

Deductions and Write-Offs

Can I give my 501c3 5,000 a month to pay my mortgage if the nonprofit is run out of my house?

Home Ownership

Capital gains on sale of house less than 2 years

We lived in a house less than 2 years. We then decided to build a house with plans to rent the original house to my parents. Renters fell through so we sold the house to pay for the new build. In addition, my spouse went part time and I changed jobs that pays less. Would this count as “unforeseeable events” so we could avoid capital gains tax? Thanks, Steven

Retirement

Can cash gifts affect my mothers ability to qualify for Illinois Medicaid senior home care program

I just became legal guardian of my disabled mother (80) estate & have important questions. My attorney has said to contact accountant, but I feel that at least part of my question she should be able to answer as an elder law attorney. However I’m going to ask you and see if this is something you can answer. My mother is low income & the only asset she has is about $50,000 in home equity after using a lot of equity from her Reverse Mortgage & also has about $7000 in the bank. She does have a mutual fund that’s $13,000. I was going to take $5000 of her bank cash as well as cash out the mutual fund to pay attorney fees that were approved by the court . My first question is: would cashing out the mutual fund to pay the attorneys have any tax implications for my mother or her estate? She has not filed taxes in about eight years because her income from Social Security and a very small pension are around $24,000 yearly. Would cashing out the fund & paying the lawyers count as income? 2) She has a benefit called senior community care program that gives her 25 hours of free home care with caregivers approved by Medicaid. To qualify for this program, she has to have under $17,000 of non exempt assets and I believe she may be close to the income limit to qualify, but she’ll only have 2000 left in her bank account . Her home does not count and she doesnt have any other assets. If she gets $5000/yr from renting her garage , will that mess up her qualifications?

Miscellaneous

IRA

I have over contributed to my ROTH what do I do?