Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsZero income business- refund
Asked onFriday, April 21, 2023 by DavidHi, 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
Foster siblings
Asked onFriday, April 21, 2023 by CheyenneMy mother is disabled I live at home and help her care for my foster siblings can I claim them on my taxes
File married if just married now or end of fiscal year
Asked onFriday, April 21, 2023 by RobertJust married is it smart to file separate at end of and change status now or end of the year
Ev tax credit for previous year
Asked onFriday, April 21, 2023 by charlesI 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?
Scorp setup to receive sole prop payments
Asked onFriday, April 21, 2023 by TroyI 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?
LLC query
Asked onThursday, April 20, 2023 by KendahI 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
How to write off social purpose gifts made to individuals
Asked onThursday, April 20, 2023 by JohnWe 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.
Money
Asked onThursday, April 20, 2023 by StewartIf a person filles how long will they have to pay what they owe
My dependent was already claimed
Asked onThursday, April 20, 2023 by JeramyFor 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.
Unique business tax question - Can you help me?
Asked onThursday, April 20, 2023 by JasonI want to start a business at home. I want to sell t-shirts and hats. My unique selling proposition is that someone buys a hat or shirt from me and I'll donate 50% of the purchase price to a charity that relates to them. I have a full-time job in Oregon. I get a W2 each year. Last year I earned $120,000. My wife does not earn any income. We do not own a home. We have no other sources of income. My business model looks like this: I design a t-shirt or a hat. I price either item at $30. COGS = $8. As part of my sales process, I donate 50% of the $30 to a specific non-profit. $30 retail price $8 COGS $15 non-profit donation $7 profit I’ve been told that I can not write off 100% of the non-profit donation. Can I afford a 50% non-profit donation as part of my selling process and still cover the taxes and make a good living? Is there a formula I can use that will help me understand what selling 1,000 units a month looks like? 5,000 units a month? 10,000 units a month? And 20,000 units a month? Thank you for your help! Jason