Unanswered Tax Questions
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Can this money be called a gift on my taxes?
I have begun supporting my romantic partner financially during this past year. We are not married or in any legal partnership yet, but do live together. I send them money regularly because we don't yet share a bank account. I know they don't count as a dependent because they earned more than $8,000 last year before leaving their job. With taxes coming up I am a bit confused about how we should each file. Can I count the money I sent them last year as a "gift" on my own taxes? Or would there be a better way to file this? (The money sent was over $16,000 for the past year)
Asked Tuesday, April 04, 2023 by Susan B.Sign in to Answer
STRUCTURE OF MY BUSINESS (I am a Start-Up Phase)
First and foremost I would like to say "Thank You Kindly and Sincerely!". I have a registered business through the Secretary of State in Houston Texas as an LLC. However, I provide Street Out-Reach and Community Services To The Community Regardless of Race, Age, Creed, Sexual Orientation etc... What paper do I need and how do I go about making my business a LLC/Nonprofit? Please and thank you!
Asked Tuesday, April 04, 2023 by Kena B.Sign in to Answer
Question regarding money from a trust
Good morning, My uncle formed a trust and placed his primary residence into the trust. I am the only trustee, as well as the power of attorney and soul heir in the will. He had to go into an alzheimer's care facility in 2022 and I had to sell the home to help pay for the care facility. I took that sales money and put it back into the trust. I also obtained a tax ID for the trust as it didn't have one before and did the real estate transaction under that number. He passed away on March 2nd, and I'll now be receiving about $400k. I anticipate about $100k will go to his capital gain taxes and final expenses, leaving around $300k to me. My main question is, will I be taxed on this inheritance? If so, is there anything I can do to mitigate the costs such as a ROTH or increasing my contributions to my 457b? I live in California, and the trust was formed in California. Thank you! Krystle Stewart
Asked Tuesday, April 04, 2023 by Krystle S.Sign in to Answer
Dependent earn income credit
My mother is 81 and I am 55 I take care of her she made social security last year around 24,000 I only made about 3,000 can she claim me as a dependent or should we file separate I'm not sure because she made more money than I did but I had to stay home to take care of her
Asked Tuesday, April 04, 2023 by Elizabeth K.Sign in to Answer
Calculation of IT-201 line 29 in successive years of split inherited IRA
How do I calculate the NYS IT-201 line 29 exclusion of 1/6 of an inherited IRA in the years after which it has been split up in six parts and distributions started?
Asked Tuesday, April 04, 2023 by Patricia S.Sign in to Answer
Medicare
They took out $2,000 of my disability last year for Medicare I did not use one single penny am I entitled to get any of that back
Asked Tuesday, April 04, 2023 by Melanie F.Sign in to Answer
LLC tax rules for non-residence owners
Dear Accountant, I have a company in Hungary but I would like to establish a US LLC because it has better conditions. I found a good agency but they cannot answer to my questions about different tax rules. I hope, you can give me personalized advises and I can start my US company as soon as possible. I would like to start an LLC with my partner so we will be two of us in the company. We don't have any US office, warehouse, or anything else, we want to do our online business (web development and own webshop) and according to plans we won't sell to the US countries. Please, share information about these questions below: 1. Do we have to pay additional taxes in addition to capital gain? 2. Can we start an LLC without a US bank account, for example with a Wise account? 3. Do we need EIN number if we won't sell to the US countries? 4. How can we transfer our income into our private bank account? 5. How often do we have to pay taxes? Monthly or annually? Finally, please let me know any information which can be important as a non-residence. We appreciate your answer in advance. Kind regards, Mark Benkovits
Asked Tuesday, April 04, 2023 by Mark B.Sign in to Answer
Taxing and withdrawing of LLC income
I have a "side hustle" LLC, which provides technical knowledge and advice, and no real physical products being sold. Strictly a "brain rental" business. No real expenses involved as well. I claim all of my 1099 income in conjunction with my normal W2 totals, and pay quarterly EFTPS payments. Today, I have accumulated a rather large nest egg in a local bank's business checking account of strictly 1099 funds. The question is, how to move the income to a high yield type personal account, and eventually access the funds that have already been taxed. Are there restrictions?
Asked Tuesday, April 04, 2023 by Mark H.Sign in to Answer
Retirement
Retired, I made $15,816 year. I took $4,000 from Ira to pay bills. Do I need to file taxes?
Asked Tuesday, April 04, 2023 by Cassandra V.Sign in to Answer
IRS Form 1065
I created an LLC partnership with my husband last year and received our EIN. I didn't open a bank account or do anything with the LLC. I didn't spend any money on it besides what it cost to create the LLC with the state. I was told by the person that did our personal taxes this year as well as our other business taxes that we needed to complete the 1065 form even if I didn't make or spend anything for it. I just want to know if I need to pay her to file this form. Thank you.
Asked Monday, April 03, 2023 by Kendra G.Sign in to Answer