Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Paying yourself as a newly formed S Corp
Hello, I started a new business 2 months ago, as the only employee filing as an S Corp. As it is a new business, it is not yet generating enough revenue to pay myself a "reasonable salary" comparable to the market. How do I start compensating myself?
Asked Friday, April 14, 2023 by Sonakshi N.Sign in to Answer
W-2
Where is Box D on W-2. Has numbers and letters per form 1040
Asked Friday, April 14, 2023 by Linda R.Sign in to Answer
1041 filing
Do I have to fill out a 1041 on a trust acct that made less than $600?
Asked Friday, April 14, 2023 by Nova W.Sign in to Answer
Surplus Scholarship Aid from 1098-T Used For Healthcare Subsidy
I'm a graduate student including a 1098-T with my tax return. The amount in Box 1 (payments received for tuition etc.) is about $2,000 LESS than the amount in Box 5 (scholarships or grants). This surplus money goes directly to a healthcare plan through the school (I do not receive any of this directly). Is there any way to claim this such that it's not taxable?
Asked Friday, April 14, 2023 by Erik S.Sign in to Answer
what happens is your brokerage income doesn't meet the reportable de minimus threshold, do I have to report it on my taxes?
I bought and sold equities/stocks on brokerage moomoo app, they didn't provide me with a gain/loss tax for because they told me it didn't meet the re portable de minimus threshold, does that mean I don't have to worry about reporting it to the irs? they haven't provided me the info for it because they said it didn't meet the threshold, so I just wanted to get some confirmation if I don't need to fret over it or not.
Asked Thursday, April 13, 2023 by Samuel S.Sign in to Answer
Renting below fair market value
I own an apartment (100% ownership) and am renting it out at about 40% of fair market rent for 365 days/year. According to IRS Pub 527, this is apparently considered "personal use" since it is below FMR value - however, I do not personally use the apartment and I am receiving monthly payments from the tenant - the total payments from the tenant are less than the sum of depreciation and maintenance expenses for the apartment (so a loss). Is this still considered a rental or not? Can I deduct depreciation expense for this rental? If this is indeed considered "personal use", then do I have to report the monthly payments at all, since technically I rent for less than 14 days a year.
Asked Thursday, April 13, 2023 by Vlad B.Sign in to Answer
Married filing separately division of joint accounts in Kansas
If my husband and I file separately, do we have to split interest and dividends on joint accounts or can one person include it all on there taxes? We live in Kansas
Asked Thursday, April 13, 2023 by Maria S.Sign in to Answer
Are short visits to my spouse and kids disturb (head of household) (for tax purposes)?
I live and work the whole year in foreign country, my wife works and live in US with the kids. I take (foreign tax exclusion). My wife will file taxes as (Head of Household) as she pays most of expenses. If I just visit them for couple of weeks in that year, still can she file as head of household despite the visit? Still do we consider (we don't live together?)
Asked Thursday, April 13, 2023 by Amed E.Sign in to Answer
Paid Cash price for Home
I paid Cash for price of home. I dont know what form i need for the information
Asked Thursday, April 13, 2023 by Rachael H.Sign in to Answer
Paid Cash price for Home
I paid Cash for price of home. I dont know what form i need for the information
Asked Thursday, April 13, 2023 by Rachael H.Sign in to Answer