Unanswered Tax Questions
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Deduction/depreciation of office equipment
I've recently started an online home based business as a sole proprietor. I had existing computer, monitor, printer, desk and chair all roughly two or three years old. To cost of everything was around $800. I've looked at how to deduct these from my taxes and/or figuring out the depreciation. It all seems very complicated. Is it worth my time trying to figure it all out? I can't imagine it would amount to much over time, but I also don't want to leave anything on the table. I'm looking for an opinion on whether or not I should move forward and if so, some guidance on the best way to go about it. Thank you.
Asked Thursday, April 27, 2023 by JAMES D.Sign in to Answer
I file as Married filing jointly in CA and I do not live with my wife.
I file as Married filing jointly in CA and I do not live with my wife. She lives with another partner and doesn’t work. I also live with another partner who I pay all of the expenses for , can I claim my other partner as my dependent?
Asked Wednesday, April 26, 2023 by Samantha F.Sign in to Answer
How to figure Capital Gains 2 out of 5 years residency
If I wish to sell a property that was my primary residence until June of 2021, when is the end date for the 2 out of past 5 years residency to avoid having to pay capital gains?
Asked Wednesday, April 26, 2023 by Sarah P.Sign in to Answer
W-2
Can I W-2 myself and my husband if we file as Sole Proprietors?
Asked Wednesday, April 26, 2023 by Michelle S.Sign in to Answer
LLC or Sole Proprietor?
Can you describe the benefits of starting as a sole proprietor for a small media business with no employees? What would be the pros and cons of starting out as an LLC? This would be for a small business with a limited cash flow starting, that has potential to expand within the first year.
Asked Wednesday, April 26, 2023 by Kendra K.Sign in to Answer
Cashing out 401k putting in ira,but taking out $ to pay off bills
I am going to be moving my 401k to a ira,I would like to know approximately how much I would have to pay in taxes if I take out 10 thousand of the 30 thousand to pay off bills. Do I pay the taxes when I take it from the 401k and then also the following year when I file my taxes?
Asked Wednesday, April 26, 2023 by Denise F.Sign in to Answer
Avoiding Taxes on Qualified Dividends
I am expecting to receive a multimillion dollar Qualified Dividend in a couple of months from a Private Corporation. My projected Taxable Income for 2023 without Interest Income earned from the Qualified Dividend is projected to be under the minimum threshold of $41,625 that would exempt me from any tax liability on Qualified Dividends. If I am able to defer Interest payments on Qualified Dividend until 2024 am I safe to say that I will have Zero Tax Liability with regards to the Qualified Dividend?
Asked Wednesday, April 26, 2023 by Leonard W.Sign in to Answer
Changing My W4
I need to know how to maximize my paycheck without owing the feds or state at tax time.
Asked Wednesday, April 26, 2023 by Brian B.Sign in to Answer
Solo 401k
I work only to max out a traditional solo 401k and have no interest in lowering this amount through business deductions. For IRS purposes only, can I use savings to pay quarterly (FICA) tax instead of my business account?
Asked Wednesday, April 26, 2023 by Stephen D.Sign in to Answer
2014 Refund
I filed a tax return back in 2014 or 2015 online through turbo tax and i was supposed to get $4,200 and since it was my first time filing they wanted me to verify my identity and all i had to do was an identification verification but at the time i was just never able to go to the IRS building and do so but i was wondering would i still be able to receive that refund some how? It has been so long now that i don't remember what information i used when i filed that return but wouldn't it still be on file somewhere or something?
Asked Wednesday, April 26, 2023 by Kyrsteena A.Sign in to Answer