Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsProfit and loss statement
Asked onWednesday, May 03, 2023 by VictoriaDo I need a profit and loss statement if I work under a business as self employed?
Help with tax forms
Asked onTuesday, May 02, 2023 by LEMUELAssistance with forms: F-56, 1041, Schedule K-1, 2848 and get forms stamped or certified.
Handyman bussiness in california
Asked onTuesday, May 02, 2023 by JOSHUAIs it true that in California handyman cannot collect more than $500 for project? Or 120000 a year?
Car sales tax
Asked onTuesday, May 02, 2023 by GeorgeI 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?
Write Off Total Loss of An Investment
Asked onTuesday, May 02, 2023 by JoshuaHi, 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
EV tax credits 2023
Asked onTuesday, May 02, 2023 by VinaHello, 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.
Expenses
Asked onTuesday, May 02, 2023 by DorisHow to enter different expenses as independent contractor on schedule C
Is there a time requirement to take advantage of net unrealized appreciation?
Asked onMonday, May 01, 2023 by JoeI retired earlier this year. To take advantage of net unrealized appreciation for the company stock in my 401k, do I have to rollover my 401k funds by the end of this year or can I wait and do it another year?
taxes on reinvested dividends for mutual funds
Asked onMonday, May 01, 2023 by charliehypothetical question - I purchased a mutual fund for $10,000, and over time received $1000 in dividends which I've reinvested back into the mutual fund. Over time, the value of the mutual fund is now at $15,000 (NAV increases the value by $4,000, and my reinvested dividends add $1,000 to the value). I now sell the entire thing. Since i already paid taxes on my reinvested dividends, is my tax responsibility only on the $4,000 gain?