Unanswered Tax Questions
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tax
hello, how can i apply for a tax refund? i have been in canada since october 2022 thanks
Asked Friday, April 21, 2023 by Merem A.Sign in to Answer
IRA tax witholding for both state and federal
How much taxes do I withhold on withdrawal of my simple IRA besides the 10% penalty for the early withdrawal.
Asked Friday, April 21, 2023 by Adam Y.Sign in to Answer
Zero income business- refund
Hi, I spent the 2022 refurbishing my rental property to get it ready for renting again and started my own business that had zero income. Can I claim those expenses towards a refund? Am I eligible for a refund of any kind? Thanks David Whitman
Asked Friday, April 21, 2023 by David W.Sign in to Answer
Foster siblings
My mother is disabled I live at home and help her care for my foster siblings can I claim them on my taxes
Asked Friday, April 21, 2023 by Cheyenne P.Sign in to Answer
File married if just married now or end of fiscal year
Just married is it smart to file separate at end of and change status now or end of the year
Asked Friday, April 21, 2023 by Robert R.Sign in to Answer
Ev tax credit for previous year
I want to get an EV car and receive the EV tax credit. In 2022, I made over 160,000 but less than 225,00 and was head of household. In 2023 I will make more than 225,000 and will not be head of household. If I use 2022 AGI, can I use 2022 status as well?
Asked Friday, April 21, 2023 by charles w.Sign in to Answer
Scorp setup to receive sole prop payments
I have a sole proprietorship with several employees. In business for over 15 years...I want to significantly reduce the amount of self employment taxes that I pay on my profits. My EIN for the sole proprietorship is attached to many things, so for that reason amongst other reasons I do not want to form an S Corp to REPLACE my existing business...My question is am I able to form an S Corp as a separate entity as maybe a consulting company, and have the sole proprietorship pay that consulting company large fees equal to or close to what the sole proprietorship revenues are? I understand that on the S Corp side ill be required to draw a salary and pay payroll tax on the salary but no SE tax on the revenues ..is what I am proposing legal?
Asked Friday, April 21, 2023 by Troy O.Sign in to Answer
LLC query
I started an LLC, sole proprietorship last year. I want to inquire about if I can keep the LLC active. I have not conducted business in the past year and I have no active bank accounts linked to the company and have not gotten an EIN number yet, would I still need to file for taxes for the company. If so could you let me know what is required. Thank you
Asked Thursday, April 20, 2023 by Kendah A.Sign in to Answer
How to write off social purpose gifts made to individuals
We have an S-Corp and do a lot of social works, helping support widows, missionaries, low income people with medical bills, rent, etc. We consider ourselves a Social purpose company and our main purpose in making money is helping others. In doing that we have a VERY large (relative to our net income) number of gifts made. Often our amount given out is more than 50% of what would be otherwise our taxable income. But the vast majority of these gifts are NOT to registered non profits. How could we classify these kinds of things so as to be able to deduct them as expenses (Employee morale? They have a HUGE positive impact on that, but they often run as much or more than our total payroll.) while still not being a huge red flag likely to trigger many audits.
Asked Thursday, April 20, 2023 by John D.Sign in to Answer
Money
If a person filles how long will they have to pay what they owe
Asked Thursday, April 20, 2023 by Stewart J.Sign in to Answer