Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Depreciation
Equipment Asset was fully depreciated in the first year. Then two years later I noticed that the depreciation for the same equipment was started up again for the next ten years. What entries do I make to retire this asset?
Asked Tuesday, April 18, 2023 by Shirley L.Sign in to Answer
Expense Catagory
If I hire a DJ for my bar, how would I categorize it as an expense?
Asked Monday, April 17, 2023 by Yoshi H.Sign in to Answer
1065 and K1 for LLC with no profit , but some start up costs
Formed a multi member LLC with my two kids that are under the age of 18. I deposited $5000 in a business account under the EIN for the business. The business has had no sales as of yet, but we did create a website and purchased a couple of inexpensive (Sub $300) laptops, and 10 a month cell phone plan. Since there was no income and expenses don't even equal $1000, is it necessary to file a 1065? If so , are the under age members required to receive a K1 and file taxes? Thanks.
Asked Monday, April 17, 2023 by David B.Sign in to Answer
Personal income Tax
Hello I have a question on International tax laws. I do some trading and investing in the markets, and have been trading with a Firm that is over in Hong Kong China, and I am trying to make a withdrawal into my USA Bank account and I was told before I can receive the withdrawal I will have to pay a 2% Personal Income Tax on the withdrawal amount before receiving the withdrawal. I was just informed of this and I do not want to get taxed twice for this as all the trading was done from my PC in my home so I do not understand how they can say I owe them this tax as I asked my CS Rep with this trading firm and I was told that because the firm is in Hong Kong they can charge me this tax so is that correct or not as I do not want to have to pay taxes for a Country that I do not live in so please let me know if I am being scammed on this or if they are right, and what documents should I ask for so when I file my taxes on this in the US next year so I can prove I have already paid taxes on this so I do not have to pay taxes again in the US or at least pay a lesser amount on it since I will have already paid the Hong Kong Govt, this tax.
Asked Monday, April 17, 2023 by Douglas W.Sign in to Answer
Solar tax credit
We have a credit for going Solar that we will claim next year. Is it okay to have no federal taxes taken out the rest of the year since the credit will offset our tax liability for the next 2 years?
Asked Monday, April 17, 2023 by Jacob R.Sign in to Answer
Veba deduction
I contribute to my Veba account with my employer. Is it the same as an HSA that I can deduct under income adjustment?
Asked Sunday, April 16, 2023 by Frank B.Sign in to Answer
max Roth IRA and Simple IRA contribution (Both)
I am 55 years old and I contribute to a Roth IRA and a Simple IRA though the company where I work every year. I recently got a raise (to 140k) and I would like to max out each of them. What are my limits? Thanks. Steve
Asked Sunday, April 16, 2023 by Steven B.Sign in to Answer
Filling status
I want to know if it's better to file my taxes as married file jointly, or married file separate, I did that last year and was put in a high tax bracket.please tell me what is the better option,thank you
Asked Sunday, April 16, 2023 by Sharon O.Sign in to Answer
Tax requirement for a foreign-owned LLC formed in Delaware
I incorporated in 2021. It's an online consulting business. But I just started earning late last year. What tax requirements are needed to be filed?
Asked Sunday, April 16, 2023 by Hazel June M.Sign in to Answer
Can I deduct my excess business losses from schedule c on next years taxes?
I have a negative AGI because of my self employment losses this year. Can i apply 80% of those losses next year?
Asked Sunday, April 16, 2023 by Ann M.Sign in to Answer