Unanswered Tax Questions
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Error in calculating tax excel utility
Which i click in Excel utility of itr for calculating tax a new window appear and says Please enter amount in 80CCH and i tried a lot to find and fix it but i am not able to do Help me.
Asked Friday, May 19, 2023 by Dheeru N.Sign in to Answer
Taxes and profitability
I'm starting an online general merchandise store as a sole proprietor. To decide if an item is worth adding, I start with the target selling price. I subtract the cost of the item, any shipping I pay for purchasing or selling, and ebay fees. I also subtract federal, state and local tax percentages as well as the self employment tax percentage. What's left I'm considering profit. The only other regular expense I have is shipping supplies and I'm accounting for that and any other extras on a monthly basis. Does this make sense for profitability and tax filing purposes? Is there a better or easier way to go about it?
Asked Thursday, May 18, 2023 by Jim D.Sign in to Answer
Real Estate Tax for a Business
What is Real Estate Tax on a corporate return Form 1120 and how does it differ from property tax?
Asked Thursday, May 18, 2023 by Lisa M.Sign in to Answer
401,k penalty forgiveness
I drew my 401k early and already paid the, 10% penalty before knowing about the hardship forgiveness and I had to draw my 401k because I was suffering homelessness and I need to find out what I can do to get, the penalty money back under hardship?
Asked Thursday, May 18, 2023 by Jeremy J.Sign in to Answer
Forgot to submit 2nd wages form to IRS
How do i file my state return if my federal was filed without my second 1099-R. I forgot to add it to my federal return and i dont know how to file my State since the federal one is obviously wrong. I know i will need to amend it but in the meantime how do i fill out my state return?
Asked Thursday, May 18, 2023 by Donnell A.Sign in to Answer
Tax refunds
I make 210,000 a year. My wife started a home business teaching cooking classes we had to remodel a portion of our home for this business. That cost 75,000. She only made 3,000 the first year. Can we write the 72,000 loss off on our personal taxes.
Asked Wednesday, May 17, 2023 by Larry C.Sign in to Answer
How much should we save back for the capital gains tax on an inherited property?
My brother and I were just released from probate in April 2023. We are now in the process of selling our parents' home and have an offer for $78,500. The county last appraised the property at $43,400. We have a few questions regarding the capital gains tax for inherited property. 1) How much money should we save back to cover the capital gains tax? 2) WIll we each be taxed for the amount we receive individually (i.e. half of the sale) or for the entirety of the amount? 3) If one of us received the entirety of the check and then disbursed the funds to the other, would the one who received the check be responsible for all of the capital gains tax at that point? Thank you for your time and help.
Asked Wednesday, May 17, 2023 by Michael D.Sign in to Answer
How much should I take of out my weekly paycheck for Virginia state and federal taxes ?
I work for a company in Virginia and get paid weekly 700.00, but my employer does not take out any taxes from my paycheck. I would like information on how much I should take out each week so I don't owe IRS at the end of the year. I don't have medical insurance or a 41k through my employer or the state of Virginia.
Asked Wednesday, May 17, 2023 by Amari P.Sign in to Answer
2021 & 2022 no refunds as of yet
I filled my 2021 taxes this year and my 2022 i owed $424 on federal and they accepted my check but i not heard frome them about the refund for 2021, please help
Asked Wednesday, May 17, 2023 by melissa B.Sign in to Answer
Selling my fathers home
I have questions on how I can sell my fathers home so he doesn't have to show the proceeds as liquid funds? The reason for this is my father has recently become too ill to care for himself and will most likely need long term care for the rest of his life. We need to use his Med-Cal for this and don't want them to deplete the only funds he has. What type of trust would shelter these funds and how can we sell the property out of that trust?
Asked Tuesday, May 16, 2023 by Holly F.Sign in to Answer