Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questions1065 and K1 for LLC with no profit , but some start up costs
Asked onMonday, April 17, 2023 by DavidFormed a multi member LLC with my two kids that are under the age of 18. I deposited $5000 in a business account under the EIN for the business. The business has had no sales as of yet, but we did create a website and purchased a couple of inexpensive (Sub $300) laptops, and 10 a month cell phone plan. Since there was no income and expenses don't even equal $1000, is it necessary to file a 1065? If so , are the under age members required to receive a K1 and file taxes? Thanks.
Personal income Tax
Asked onMonday, April 17, 2023 by DouglasHello I have a question on International tax laws. I do some trading and investing in the markets, and have been trading with a Firm that is over in Hong Kong China, and I am trying to make a withdrawal into my USA Bank account and I was told before I can receive the withdrawal I will have to pay a 2% Personal Income Tax on the withdrawal amount before receiving the withdrawal. I was just informed of this and I do not want to get taxed twice for this as all the trading was done from my PC in my home so I do not understand how they can say I owe them this tax as I asked my CS Rep with this trading firm and I was told that because the firm is in Hong Kong they can charge me this tax so is that correct or not as I do not want to have to pay taxes for a Country that I do not live in so please let me know if I am being scammed on this or if they are right, and what documents should I ask for so when I file my taxes on this in the US next year so I can prove I have already paid taxes on this so I do not have to pay taxes again in the US or at least pay a lesser amount on it since I will have already paid the Hong Kong Govt, this tax.
Solar tax credit
Asked onMonday, April 17, 2023 by JacobWe have a credit for going Solar that we will claim next year. Is it okay to have no federal taxes taken out the rest of the year since the credit will offset our tax liability for the next 2 years?
Veba deduction
Asked onSunday, April 16, 2023 by FrankI contribute to my Veba account with my employer. Is it the same as an HSA that I can deduct under income adjustment?
max Roth IRA and Simple IRA contribution (Both)
Asked onSunday, April 16, 2023 by StevenI am 55 years old and I contribute to a Roth IRA and a Simple IRA though the company where I work every year. I recently got a raise (to 140k) and I would like to max out each of them. What are my limits? Thanks. Steve
Filling status
Asked onSunday, April 16, 2023 by SharonI want to know if it's better to file my taxes as married file jointly, or married file separate, I did that last year and was put in a high tax bracket.please tell me what is the better option,thank you
Tax requirement for a foreign-owned LLC formed in Delaware
Asked onSunday, April 16, 2023 by Hazel JuneI incorporated in 2021. It's an online consulting business. But I just started earning late last year. What tax requirements are needed to be filed?
Can I deduct my excess business losses from schedule c on next years taxes?
Asked onSunday, April 16, 2023 by AnnI have a negative AGI because of my self employment losses this year. Can i apply 80% of those losses next year?
Box15 issues for efile
Asked onSaturday, April 15, 2023 by MicheleHow can I get past box 15 if we are military from a state without state taxes. Trying to efile on turboTax
Pilots not at their homebase not an airline pilot. Can I write off meals. I was told that you can write off all meals away from home whilst working at the airport.
Asked onSaturday, April 15, 2023 by HildaPilot pilot away from home at the airport. I was told they could write off all meals while working. Is this true? This is not an airline pilot, but there is a little time in between flights so most pilots, I know in my job right off all their meals. Is this correct whilst working at an airport?