Unanswered Tax Questions

Investment and Finance

On W

Tax Forms

I made a mistake and e-filed my 1099 forms in the wrong category, i filed in 1099INT rather than 1099NEC

I went back and looked at my tax return and saw I made a mistake because I couldn't find the right place to file my 1099s. I thought it would tell me how much I owed after I filed my return because i'm not used to this type of form 1099NEC, I usually have W2 forms and I receive a return check in the mail. I think this year I will owe taxes but because I filled it out wrong i wasn't able to find out how much I owe. What should I do? I saw that you can amend returns online, or also maybe send in a corrected form. Please let me know if you have any advice for me. Thanks -Lindsay

Family Issues

Leaving stock certificates or brokerage account to Grandkids

I have stock in several companies (ATT , Verizon, JPM Chase). What would yield the greatest value as an inheritance for my Grandkids.. changing the actual stocks to their names .. or putting the stocks in a brokerage account in their (2) names?

Bookkeeping & Write-up

Recording question

I have received a grant for a summer intern that is being paid through our payroll system. How do I properly record this? Should I charge to our payroll expense and have an offset account on the p and l for the grant money within the payroll section

Personal Taxes

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?

Business Formation

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.

Retirement

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?

Personal Taxes

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.

Small Business

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.

Family Issues

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?