Unanswered Tax Questions
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Maximum Write-offs in state of Missouri via small business
What is the maximum one can write-off against their small business as an individual in the state of Missouri? The business revenue is between 5 to 10k annually.
Asked Tuesday, January 16, 2024 by Daniel Y.Sign in to Answer
Need to file tax forms and close my EIN
Hi, We recently dissolved my LLC. We created it in the state of Florida in April 2022. But, we did not have any activity, nor income, with it. Do I need to file taxes? I think I need to file tax form 1065 and close my EIN. Can I get help to do this? Do I need to do anything else to have everything in order with the state? Thanks, Pilar
Asked Tuesday, January 16, 2024 by Pilar S.Sign in to Answer
Question about Tax issues.
I have a question that will be in 2 parts. 1- I will be doing Real Estate Wholesaling and Investing in FL, my llc is registered in New Mexico. Can I do that or do I have to register my llc in FL as well? also I'll be having an office in Jacksonville so we can work from 2- How much tax should I pay for New Mexico for a nonresident who owns a business operating from New mexico in total? including the tax income and the state tax How much tax should I also pay in FL if my business is operating in FL and New mexico? in total. if my monthly revenue is somewhere close to 107,500 USD. Thank you!
Asked Tuesday, January 16, 2024 by Aaron A.Sign in to Answer
2020 Auto Depreciation Sec 179 - Bonus - MQ4 MACRS DDB
Hi - I need help depreciating a 2020 auto purchased in Dec 2020. Let's say it cost $25k. We used the $10,100 Sec 179 max and bonus depreciation $8k in 2020. I have the limits for the following years but unclear on how to calculate years 2 and later using MACRS DDB MQ4 convention. I don't just want the answer, I want to know how to calculate it, as in, in a chart/example or something. Thank you!
Asked Monday, January 15, 2024 by Julie B.Sign in to Answer
Write off
I wanted to know if there is anything that can be written off as an expense as a day trader without an LLC or s corp.
Asked Monday, January 15, 2024 by Michael G.Sign in to Answer
Home sale tax question
I live in SC i am married and file my taxes as married filing jointly if i sell my primary residence that i have lived in for 20 years for $350,000 (I bought it fo $150,000 20 years ago), is the $200,000 free from capital gains taxes?
Asked Sunday, January 14, 2024 by felix d.Sign in to Answer
2024 Federal Tax Credit for Electric Trucks
Hello, can you please tell me if an LLC has no net income can they still receive the 2024 tax credit incentive for electric trucks (up to $40,000), effectively receiving money from the government? Our LLC is only owned by my husband and myself. It is a pass-through LLC and presented on our personal tax returns. If net income was made, it would be presented on our personal tax returns. Can this credit be taken and reduce/increase our total personal tax return? Thank you!
Asked Saturday, January 13, 2024 by Erin Elizabeth M.Sign in to Answer
Are my calculations correct, see the below data !
sale of a second home for $400,000 with a $150,000 cost basis (gain of $250,000). Also, net taxable ordinary income of $40,000 (married filing jointly). Using 2023 capital gain rates and ordinary income tax rates, my income tax bill would be $4,357 and my capital gain tax bill would be $24,113..................Are these calculations correct ???
Asked Friday, January 12, 2024 by Edward C.Sign in to Answer
Straight-Line Rent
My client is a landlord and their CPA is adjusting their income to straight-line rent. In my opinion, this type of adjustment is only appropriate for the tenant. Please advise.
Asked Friday, January 12, 2024 by Ryan H.Sign in to Answer
Name Change
I legally changed my name during 2023. Am I able to file taxes with one of my W2s and my 1098-T form being issued in my old name and one W2 being issued in my new name? Or will I need to make sure all institutions issuing me forms have my new name? All will have my same SSN.
Asked Thursday, January 11, 2024 by Marie F.Sign in to Answer