Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTaxes return
Asked onTuesday, October 29, 2024 by JonasI have a business license, I run my own business through Amazon.com as a seller, and this year I have been breaking even on my sales and advertising cost most of the year. Would I be able to to deduct that advertising cost for a return?
Closing C-Corp with IRS
Asked onWednesday, October 23, 2024 by DEVENDRAHello, Need Help Closing a C-Corporation with the IRS. Tax Details: • Formation: 2012 • Filed Tax Returns & Paid Taxes: 2012, 2013 • No Tax Returns Filed: 2014 to 2023 • Business Activity: No transactions from 2014 to 2023 • State Status: o Administrative Dissolution: 2017 o Formal Dissolution Planned: 2024 How to properly close your C-Corporation with the IRS by fulfilling all federal tax obligations, including filing all required tax returns and forms, and addressing any potential penalties?
Can a person on H4 EAD who is present in US from the past 10yrs can elect LLC as Scorp?
Asked onThursday, October 17, 2024 by RaghuI'm current on H4 EAD and have a small business and residing in US from past 5 yrs. As I'm a non citizen/green card holder, i will be considered as a Non resident alien but I meet the substantial presence test. So in that case, I can elect my LLC as S Corp?
Prop trading firm
Asked onTuesday, October 15, 2024 by FredI tried getting into trading through a prop firm and it didn't work out for me. I invested about 4900 between subscriptions and tools and would like to write these off as a loss. The prop firm company normally issues a 1099misc for those that receive income however, I never received a positive income and wasn't issued a 1099. I typically file my own taxes using an online tax software and would like to get advice on how to report this loss on my taxes. Thank you for taking the time to read and assist. It is greatly appreciated.
Eligibility for Energy Efficient Home Improvement Credit?
Asked onTuesday, October 15, 2024 by MatthewI own House A, and lived there as my primary residence from the start of 2023 through late October 2023, at which point I moved into House B. I also rented out at (a) room(s) in House A throughout 2023, meaning I had one or two tenant-roommates while I was living there, and then it became pure rental in late October when I moved out. In December, I made an improvement to House A -- I had a new heat pump installed. That may make me eligible for the Residential Energy Efficient Property Credit: https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit To be eligible for the credit, the improvement has to be made to my "main home", which is "generally where you live most of the time" according to the IRS link above. This is the only further clarification I see: "In most cases, the home must be your primary residence (where you live the majority of the year). You can't claim the credit if you're a landlord or other property owner who doesn't live in the home." Since I lived in House A for the vast majority of the year, does that mean I can treat it as my "main home" for the whole of 2023 for the purpose of claiming the credit? Or does it have to be "where I live most of the time" at the specific moment I make the improvement?
Starting day trading on h4 without ead
Asked onWednesday, October 09, 2024 by RyanSo I am on h4 visa situated in the USA without ead and I want to start day trading and ead takes 1-3 years, how do I start now, there must be some alternative like paying tax in my home country or anything else
IRS 5472 form
Asked onFriday, October 04, 2024 by PeterHi, Could you please shed some light into this question. If a European citizen formed a US LLC that has been inactive for a few years, which means it doesn't conduct any business in the US and doesn't have a bank account, does this company still have to fill out the IRS 5472 form? Does it have any other reporting obligations? Thank you very much
offsetting long term losses with short term gains from stock trades
Asked onThursday, September 26, 2024 by EarlEx: After reconciling short term losses with short term gains for the year I wind up with a gain of $10,000. After reconciling long term gains with long term losses I end the year with $13,000 in losses. On the tax return does the short term gain offset $10,000 worth of long term losses?
Does selling inherited property affect your tax bracket?
Asked onSunday, September 22, 2024 by AnnaMy father passed away, and I inherited his condo, but I'm selling it. Will the money I receive from the sale affect our tax bracket on our taxes? Or is it separate from our income/what determines our tax bracket for the year?