Unanswered Tax Questions
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Employer required to withhold income tax
I filled out my w4 at my current job as married filing jointly and claim 3 dependents. My employer said that they are not required to withhold federal income tax, yet I never elected to do that. Is this true?
Asked Thursday, April 27, 2023 by Amber M.Sign in to Answer
Llc owner draw and s corp distribution
Applied for s corp in June 2021 wasn’t approved until October 2021 retro to January 2021. Owner draws for compensation to that point now look like shareholder distributions instead of compensation. Can this be fixed what if I’m audited and it looks as if my shareholder distributions are so high.
Asked Thursday, April 27, 2023 by Michelle A.Sign in to Answer
Solo 491k withdrawal
I’ve been putting some money into a solo 401(k) for the last few years. The amount in there has not grown though, so there is very little in gains. I just turned 60 and am wondering if I want to take the entire amount out if I’m still needing to pay a 20% tax on the withdrawal. It doesn’t seem to make sense, that flat fee tax?
Asked Thursday, April 27, 2023 by Benturbo K.Sign in to Answer
Tax Deductions for LLC and payments through business account
I have an LLC, and I will be generating revenue online and through a physical property. I want to be able to use my LLC to deduct some of my expenses since I work from home. I plan on setting up my business checking account to funnel all payments through it for tax purposes. I need reassurance that I'm doing everything that needs to be done from an LLC and tax perspective so I can deduct my expenses (home office) on my personal return. I am the sole member of the LLC.
Asked Thursday, April 27, 2023 by Brad V.Sign in to Answer
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