Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Need two submit two years of Form 709-gift tax
Parent needs to submit 2 years worth of Form 709, gift tax. First time submitting and amount less than $300,000 each year. Should they submit both at same time, or older one first, then more recent one?
Asked Wednesday, May 03, 2023 by Kristin H.Sign in to Answer
Claiming dependents
Need to know if I should claim dependents on my tax form or not
Asked Wednesday, May 03, 2023 by Brandon S.Sign in to Answer
Profit and loss statement
Do I need a profit and loss statement if I work under a business as self employed?
Asked Wednesday, May 03, 2023 by Victoria B.Sign in to Answer
Lower
To anyone how can one lower there taxes
Asked Wednesday, May 03, 2023 by David c.Sign in to Answer
Help with tax forms
Assistance with forms: F-56, 1041, Schedule K-1, 2848 and get forms stamped or certified.
Asked Tuesday, May 02, 2023 by LEMUEL H.Sign in to Answer
Handyman bussiness in california
Is it true that in California handyman cannot collect more than $500 for project? Or 120000 a year?
Asked Tuesday, May 02, 2023 by JOSHUA G.Sign in to Answer
Car sales tax
I am in the 24% tax bracket and live in MA. I bought a new car in 2019 for $23k before fees ($27k total.) I plan to sell my car back to the dealer for $23k. If I get handed a check and deposit it in the bank, will I be taxed for that? If so will it be taxed 24% and could I put it directly in a 5 year CD to avoid taxes right away?
Asked Tuesday, May 02, 2023 by George J.Sign in to Answer
Write Off Total Loss of An Investment
Hi, I have an investment in a publicly traded company that I paid $32,000 for that today is worth about $5,000 and is headed to zero. Other than offsetting capital gains, is there a way to deduct this against my income all in one year? I read somewhere that if it goes completely to zero, you can deduct it all in one year, rather than $3,000 a year for a long time. What are my options? Thanks
Asked Tuesday, May 02, 2023 by Joshua Z.Sign in to Answer
EV tax credits 2023
Hello, I live in Oregon and I’m interested in purchasing an electric vehicle and get the $7,500 tax credit, but I don’t owe money at the end of the year as I typically break even. Should I update my tax withholding in order to benefit from this? Any advice you can provide is greatly appreciated. Thank you for your time.
Asked Tuesday, May 02, 2023 by Vina B.Sign in to Answer
Expenses
How to enter different expenses as independent contractor on schedule C
Asked Tuesday, May 02, 2023 by Doris J.Sign in to Answer