Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsReal Estate Tax for a Business
Asked onThursday, May 18, 2023 by LisaWhat is Real Estate Tax on a corporate return Form 1120 and how does it differ from property tax?
401,k penalty forgiveness
Asked onThursday, May 18, 2023 by JeremyI 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?
Forgot to submit 2nd wages form to IRS
Asked onThursday, May 18, 2023 by DonnellHow 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?
Tax refunds
Asked onWednesday, May 17, 2023 by LarryI 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.
How much should we save back for the capital gains tax on an inherited property?
Asked onWednesday, May 17, 2023 by MichaelMy 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.
How much should I take of out my weekly paycheck for Virginia state and federal taxes ?
Asked onWednesday, May 17, 2023 by AmariI 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.
2021 & 2022 no refunds as of yet
Asked onWednesday, May 17, 2023 by melissaI 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
Selling my fathers home
Asked onTuesday, May 16, 2023 by HollyI 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?
current portion of long-term debt
Asked onTuesday, May 16, 2023 by GregHi and thanks for being available. I'm an accountant at a mid-sized company. We have a 5-year loan. Let's say the monthly installments are $10,000 each month. The loan just begun, so we state the Current Portion as $120,000. This was for the March financial stmts. However, mgmt decided to make a larger payment on 4/5 of $25,000. Since we know this while preparing the March financials, should we up the Current Portion to $135,000?
10 yr. Old tax debt payment change after agreement make w/ irs.
Asked onTuesday, May 16, 2023 by SandraMade arrangements, been paying on time, irs changed. Now saying they won't expect payments already made, until older tax debt is reinstated & paid in full 1st (2013), won't say where other money is going. 6 payments made already. Send default letters/ levy - lean info. What can I do