Unanswered Tax Questions
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Old $25 series e bond from 1957
Just located an Old $25 series e bond from 1957, that my mom had from my grandfather. If I cash the bond will there be a tax penalty accessed from the irs?
Asked Wednesday, January 24, 2024 by Stephen M.Sign in to Answer
Retirement Bonus/IRA
I retired on 12/31/2022. I received two payments in 2023 from my prior employer (Bonus in March of 2023 and Deferred Tax Distribution (Non qualified plan) in June of 2023. I am 58 and had no other earned income in 2023. Would either of these payments be defined as earned income in 2023 to all for a IRA contribution (including tax deduction)?
Asked Tuesday, January 23, 2024 by Ken K.Sign in to Answer
Question regarding 1099 NEC
How should I handle the tax filing process for a consultant who provides services to a company, has been invoiced in their books, but does not report taxes personally?
Asked Tuesday, January 23, 2024 by Anjali J.Sign in to Answer
I need to find a CPA in Nevada that understands Virigina Capital Gain Tax.
I have to pay capital gain taxes to the state of Virginia due to a small inheritance and I don't know how to go about it. I gave some away to charity and only made $20194.00 last year between work and social security so I know I'm OK on the Federal side of things.
Asked Tuesday, January 23, 2024 by Michael J.Sign in to Answer
illegal immigrant tax
I am looking for a CPA in Illinois to help an illegal immigrant pay taxes. We live near Springfield but are willing to drive to get a CPA to help.
Asked Tuesday, January 23, 2024 by Cynthia S.Sign in to Answer
4-way LLC profit sharing involving 2 members and 2 "major contributors"
How do I legally handle 4-way profit sharing involving 2 members and 2 "major contributors." The company is a Texas multi-member LLC with 2 managing members (50% ownership each) and 2 individuals who will help out as they are able but don't want the obligations and responsbilities of membership. I'm hoping for revenue to be divided as follows: 20% in a tax account, 30% for operations, and 50% as a distribution split equally between the members and major contributors (25%-25%-25%-25%).
Asked Monday, January 22, 2024 by Frederic W.Sign in to Answer
Europeans LLC Propsal for a 50/50 partnership
Hi wanted to open a company with a friend of mine from overseas. We came to the conclusion WY is propably the best place, wanted to check with people here before consulting an accountant. After some initial brainstorming, we have considered the following structure: - P1 Overseas (foreign) - P2 Overseas (foreign) - P1 Real Estate LLC - P2 Real Estate LLC - USA LLC (50/50 split, agency) - P1 Holdco LLC - P2 Holdco LLC Questions 1. Our intention is to draw a minimum wage via billing on the overseas companies (P1 and P2 Overseas), which seems to be the norm for overseas LLC owners? 2. Our key question revolves around the process of billing the USA LLC and via P1 and P2 Real estate, subsequently acquiring property pre-tax, is this allowed even though the Real estate has not much to do with the USA LLC (which will be a design agency)? 3. Are we allowed to invest (trading account) and buy real estate as EU citizens via the Real estate LLC? 4. Is it only reserved for US citizens / equivalents that they can refinance the properties and pull out cash in this way? 5. Additionally, we are contemplating introducing a holding company, wherein it would hold 50% of the LLC and 100% of the real estate company for each of us + to protect our assets separately. 6. Is this a feasible / legal structure and how much would we need in revenue before this would be beneficial? 7. Additionally, how much would it cost on an annual basis to file the taxes for the whole of the above structure (if feasibl
Asked Monday, January 22, 2024 by Denis S.Sign in to Answer
Where to put cost of item on schedule c
I sell coins and currency on ebay and would like to know what field do I put the item cost in. Is it materials and supplies? e.g. I sell a 1 dollar bill for 2 dollars on ebay. Do I put 1 dollar in materials and supplies?
Asked Thursday, January 18, 2024 by Michael A.Sign in to Answer
form 42-1
Hello, I have an american company based in WY. I did not have any sales last year, but I want to have an accountant so my company to be in good standing. I also need to fill out form 42-1 by the end of the month. Kind Regards! Elitsa Lazarova
Asked Thursday, January 18, 2024 by Elitsa L.Sign in to Answer
One LLC or Two LLCs?
My wife and I work as self-employed dance instructors but work at different studios. We live in Maryland. This is my wife's only source of income, whereas I also have a full-time (salaried) job. We're looking to take advantage of the tax help provided by LLCs, but should we set up one LLC for the two of us, or should we set up one for each of us? I make around $80,000 p.y. at my FT job and around $3,000 self-employed teaching, while my wife tends to Max out at around $20,000.
Asked Wednesday, January 17, 2024 by MARK C.Sign in to Answer