Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsLogging COG's & Sales
Asked onFriday, April 07, 2023 by TonyDo I have to itemize every specific item for COGS and Sales with my small business Sole Proprietorship? I've been grouping in lots (By day or transaction) and logging them into my google sheets. They are low cost items that all are unique. Is this an acceptable way to document for taxes? Thank you!
Refund
Asked onFriday, April 07, 2023 by SherronMy refund has taken longer then 21 days and no refund what do I do?
Can I still file for current tax year?
Asked onFriday, April 07, 2023 by ArmoniI'm currently trying to verify my identity for my 2021 tax return. I'm also trying to do my current year's tax return to receive my refund. So my question is am I able to still file for 2022 and able to receive the refund while still awaiting to to verify my identity or will it freeze the money until I clear up the issue?
Need to rent out of state apartment for business
Asked onFriday, April 07, 2023 by TammyI currently have a digital media company based out of my home in NY. Two of clients are located in NY and the other is in Washington DC. I recently have been hired to work on a special project in Washington DC for one year. I found an apartment in Delaware which is the middle ground for both my clients. The rent for the apartment is $3,300 per month. Would I be able to write any of that rent and utilities off as a tax deduction?
Will my accountant know I filed with someone else?
Asked onFriday, April 07, 2023 by DawnMost of my income is from contract work. I met with my accountant and gave him my paperwork. He called to tell me I owe over $10,000 more, on top of what I paid quarterly. I have to put $15,000 into an IRA to keep from owing more than the $10,000. I feel that I should have more deductions than what he told me about. At this point, I’d like a second opinion, but my second opinion will result in me filing late. So, my question is… will my accountant know I filed with someone else and can I file for an extension?
Used ADP to get paid (Im a single member LLC)
Asked onThursday, April 06, 2023 by KarinaHi, I used ADP to pay myself. Adp sent me a W2 form for 2022 year. I was trying to make things simple but after visiting a tax specialist they said I made a mistake using adp and didnt need a W2. One big issue that needs to be fixed is the (STATE INCOME TAX) section. Basically how it was explained to me was that the amount needs to go somewhere but its got no where to go. I called ADP to ask them what they can do to help me fix this and they said that they need to know from an accountant of where to transfer that money. Initially my thought was that I would use adp to get paid with deductions already so that at the end of the year I would simple. I didnt think I would pay myself more than 10k, 15k. The other money that was made I was going to invest into my business. -Karina
Combined households
Asked onThursday, April 06, 2023 by JamesMy in-laws and my family sold two homes in TN and moved into one home here. How do I need to go about not being taxed on the amount of the home sale? $10, 000 went into the move and $60,000 was paid to my Father in-law for the down payment of our new home.
Taxes on pension
Asked onThursday, April 06, 2023 by MaryNo income except for small pension and ssi Do I pay taxes on my pension
Repaying investors via a new business
Asked onThursday, April 06, 2023 by JasonHello, I had two businesses. The first, Business 1, a film production company, received investments and was closed, with the investors taking a loss. The second business, Business 2, continues some of the work of Business 1, as well as other projects. Business 2 just received a modest windfall. I'd like to share those proceeds with investors who took a loss on Business 1. Do I need to pay them as consultants or contractors via a W9 / then a 1099-MISC?
Pension
Asked onThursday, April 06, 2023 by MaryNo income except for small pension and ssi Do I pay taxes on my pension