User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsIRA tax witholding for both state and federal
How much taxes do I withhold on withdrawal of my simple IRA besides the 10% penalty for the early withdrawal.
Asked onFriday, April 21, 2023 by AdamCPAs - Sign in to Answer
Zero income business- refund
Hi, I spent the 2022 refurbishing my rental property to get it ready for renting again and started my own business that had zero income. Can I claim those expenses towards a refund? Am I eligible for a refund of any kind? Thanks David Whitman
Asked onFriday, April 21, 2023 by DavidCPAs - Sign in to Answer
Foster siblings
My mother is disabled I live at home and help her care for my foster siblings can I claim them on my taxes
Asked onFriday, April 21, 2023 by CheyenneCPAs - Sign in to Answer
File married if just married now or end of fiscal year
Just married is it smart to file separate at end of and change status now or end of the year
Asked onFriday, April 21, 2023 by RobertCPAs - Sign in to Answer
Ev tax credit for previous year
I want to get an EV car and receive the EV tax credit. In 2022, I made over 160,000 but less than 225,00 and was head of household. In 2023 I will make more than 225,000 and will not be head of household. If I use 2022 AGI, can I use 2022 status as well?
Asked onFriday, April 21, 2023 by charlesCPAs - Sign in to Answer
Scorp setup to receive sole prop payments
I have a sole proprietorship with several employees. In business for over 15 years...I want to significantly reduce the amount of self employment taxes that I pay on my profits. My EIN for the sole proprietorship is attached to many things, so for that reason amongst other reasons I do not want to form an S Corp to REPLACE my existing business...My question is am I able to form an S Corp as a separate entity as maybe a consulting company, and have the sole proprietorship pay that consulting company large fees equal to or close to what the sole proprietorship revenues are? I understand that on the S Corp side ill be required to draw a salary and pay payroll tax on the salary but no SE tax on the revenues ..is what I am proposing legal?
Asked onFriday, April 21, 2023 by TroyCPAs - Sign in to Answer
LLC query
I started an LLC, sole proprietorship last year. I want to inquire about if I can keep the LLC active. I have not conducted business in the past year and I have no active bank accounts linked to the company and have not gotten an EIN number yet, would I still need to file for taxes for the company. If so could you let me know what is required. Thank you
Asked onThursday, April 20, 2023 by KendahCPAs - Sign in to Answer
How to write off social purpose gifts made to individuals
We have an S-Corp and do a lot of social works, helping support widows, missionaries, low income people with medical bills, rent, etc. We consider ourselves a Social purpose company and our main purpose in making money is helping others. In doing that we have a VERY large (relative to our net income) number of gifts made. Often our amount given out is more than 50% of what would be otherwise our taxable income. But the vast majority of these gifts are NOT to registered non profits. How could we classify these kinds of things so as to be able to deduct them as expenses (Employee morale? They have a HUGE positive impact on that, but they often run as much or more than our total payroll.) while still not being a huge red flag likely to trigger many audits.
Asked onThursday, April 20, 2023 by JohnCPAs - Sign in to Answer
Money
If a person filles how long will they have to pay what they owe
Asked onThursday, April 20, 2023 by StewartCPAs - Sign in to Answer
My dependent was already claimed
For the 2020 tax year my then girlfriend claimed my child before I could making my efiled return come back as rejected and leaving me stuck with the status of single rather than head of household. I still haven't filed the return because I don't know which status I can/should claim and I think I would owe money due to my income for that year and lack of any dependents. If my child's mother had already claimed our child and head of household status but we lived together for that year and we both paid for the expenses of our child, what status am I able to file as and how do I go about filing for that year without my taxes being rejected and without owing a lot of money? My income for that year was close to $48,000 and I went with the standard deduction.
Asked onThursday, April 20, 2023 by JeramyCPAs - Sign in to Answer