Unanswered Tax Questions

Deductions and Write-Offs

Visiting nurse

I work as a visiting/homecare nurse and I have some questions about tax deductions

Small Business

MS state tax

Register with MS if sole proprietorship is service only? (Traveling mua)

Tax Filing Tips

How do I report retirement withdrawals as gift on my tax returns?

Health Care

after giving $60k to one person as gift, who will be taxed?

For a one time gift of $60k, Will the giver be taxed or will it be the recipient? Thanks’

Payments and Penalties

Gambling winnings impacting my 2023 taxes next year

Can I pay some money to the IRS now to offset the impact of my tax payments in 2024? I will have to report about $40,000.

Tax Forms

tax form1040 2022

how to figure out taxable pensions and annuities on 5b line?

Personal Taxes

Stock market stocks and tax

Hello I ran into a really big problem with stocks I don’t know what I was doing when I started stocks and prior before on the year of 2021 I got into a stock that went up on price and I had made around 6 figures plus and I sold it by mistake and I had decided to just hold it instead so I put everything back in to keep my position and I totally forgot all about it and the irs mailed me a form regarding the transaction I have done prior to the time the stock had went up and supposedly I had sold it but in reality I didn’t and I’m still holding my stocks but because I got out and joined afterwards my stock crashed over the course of months and months of holding this stock the irs sent me a letter that I have to pay the tax capital gains of that sale but I didn’t keep any of the rewards I was still learning and I still am and I have never seen the amount of rewards that the stock market can do but I totally lost it and now I received the letter with all of the transactions that was reported but I lost everything after making the decision of going back into the stock and because I sold it at a high price the irs thinks I made money but In reality I left it there and now I’m so afraid because the irs thinks I have all this money but I left it in the stock market and the stock crashed and I been holding this same position since I didn’t know I was going to get into so much trouble now my stock crashed and I have this capital gains taxas bill that is so high extremely outrages help

Home Ownership

I want to know if i can get out of paying capital gains

We bought a house in irvine ca for 1.1 and want to sell it for 1.4 we bought it in November last year. It is our primary house we have another house that we are renting out

Personal Taxes

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.

Tax Filing Tips

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?