Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Inicial investment
How much initial money can I put in a bank account to make a payment for merchandise to another country and is this tax applicable? If so, what percentage? We are going to operate in Wyoming
Asked Thursday, February 22, 2024 by Isaac C.Sign in to Answer
LLC Tax Filing
Hello, I opened an LLC in may 2023 in Wyoming and had no incomes nor expenses last year. Can you please advise me if I need to present tax documentation anyway? It is a 2-member LLC (with 99%/1% share).
Asked Wednesday, February 21, 2024 by Mauro P.Sign in to Answer
About taxes in New Mexico
In May 2023, I formed an LLC in Albuquerque, New Mexico. In December 2023, I received an EIN number. Our company works in the software industry and provides software services to clients in Europe. For the services provided by our company, our clients in Europe will pay to the company account. What kind of taxation will apply in this case? For example, if a total of 50.000 usd is invoiced for 1 year, how much tax do I have to pay? Also, how much tax rate should I reflect on each invoice?
Asked Tuesday, February 20, 2024 by ahmet k.Sign in to Answer
Is tail insurance premium for employed physician tax deductable?
In 2023, I terminated my contract as an employed physician to seek a new opportunity. As such, I was required to pay the premium for tail insurance (extended liability insurance covering the previous employment). Am I able to deduct this as a business related expense or similar?
Asked Monday, February 19, 2024 by Michael C.Sign in to Answer
Tax distribution
Me and my friend are starting a business. She has an stablish LLC and the contract we will getting using her LLC name will be to split 50/50. My idea is to join as subcontractor and we want to split the earnings 50/50. Whoever the question is who will be taxed more her LLC or me? She suggested her keeping a higher percentage of the money because she will have to pay taxes at the end. But my understanding is that LLC is through pass and it will work the same on either side.
Asked Monday, February 19, 2024 by Gina P.Sign in to Answer
additional tax on excess contributions to roth iras
i made an excess contribution to my roth ira in tax year 2021. i amended my 2021 and 2022 returns to add schedule 2 and form 5329 to pay the penalty for excess contributions. i made an untimely corrective distribution yesterday, and i am now preparing my 2023 return. because i had an amount in my 2022 form 5329 line 25, do i have to file a schedule 2 and form 5329 with my 2023 and pay the penalty again? or is it not necessary because i made the correction before 2023 taxes are due?
Asked Friday, February 16, 2024 by Kevin B.Sign in to Answer
Non- collectable judgement tax deduction
I have a judgement against a contractor for for non payment of a down payment. Can I deduct that from my taxes?
Asked Thursday, February 15, 2024 by David F.Sign in to Answer
ERC
I believe I am eligible for the ERC for some qtrs in both my businesses and am looking for someone to help me file for it, if indeed I am eligible.
Asked Thursday, February 15, 2024 by Stuart L.Sign in to Answer
Deductions
i was in a car accident. are there any deductions i can use related to medical expenses, uber rides to doctors appointments/physical therapy? otherwise i will be using h&r block online tax prep. my income is straight forward.
Asked Thursday, February 15, 2024 by mia s.Sign in to Answer
Retroactive S Corp Status
Hello - in Sep 22 I set up an LLC for my new consulting business. I wasn't sure how things would go, so did not file for SCorp status at the time. I am wondering if I can file retroactively to apply to the 2023 tax year and if there are other considerations I should make (specific to retroactive filing). Thank you Brian
Asked Wednesday, February 14, 2024 by Brian S.Sign in to Answer