User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsI 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 onWednesday, April 26, 2023 by SamanthaCPAs - 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 onWednesday, April 26, 2023 by SarahCPAs - Sign in to Answer
W-2
Can I W-2 myself and my husband if we file as Sole Proprietors?
Asked onWednesday, April 26, 2023 by MichelleCPAs - 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 onWednesday, April 26, 2023 by KendraCPAs - 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 onWednesday, April 26, 2023 by DeniseCPAs - 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 onWednesday, April 26, 2023 by LeonardCPAs - 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 onWednesday, April 26, 2023 by BrianCPAs - 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 onWednesday, April 26, 2023 by StephenCPAs - 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 onWednesday, April 26, 2023 by KyrsteenaCPAs - Sign in to Answer
Inherited money
My brother passed away and left me the house. I sold the house at no capital gains. The check is in my bank account. I was told that inheritance is not taxable in Texas. But how do I show the IRS that this money was inherited? Not to be confused with the money that I had in my checking account.
Asked onWednesday, April 26, 2023 by PatriciaCPAs - Sign in to Answer