Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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What to include in an invoice
Hi, I'm an artist and I've been contacted by a major company to do a project. They are requesting my bank info to send the money and want me to send an invoice to them as well. The issue is, while I have an LLC I don't have an EIN or separate business bank account. Should I just draft an invoice using my personal info? Or should I include my LLC name but still have it routed to my personal account?
Asked Sunday, March 19, 2023 by Marissa M.Sign in to Answer
Handicapped Wheelchair Van deduction
I purchased a used handicap rear entry van for my spouse who is incapable of walking. I paid $7500 for the van. Average cost for the same van for regular use is $3300. Can I deduct the difference in pricing, ($4200) because of the conversion to accept a wheelchair? Even though van is used? I know the difference can be deducted for the conversion for the cost above the regular price of the van when new….but this is a used vehicle. Thank you
Asked Sunday, March 19, 2023 by Michael W.Sign in to Answer
Retirement account type and max pretax contribution
I have a W2 job, yearly 181000 income, in which I max out on 401k at 22,500. I also work part time 1099 under a single member LLC, yearly income 95000. What’s self employed retirement account I should open? What is Max contribution for this account?
Asked Sunday, March 19, 2023 by Nguyen D.Sign in to Answer
Child support
If I claim my husband who has no income but owes back child support will they take my refund?
Asked Sunday, March 19, 2023 by Crystal S.Sign in to Answer
Correcting excess Roth IRA contribution
I contributed $6,000 to a crypto Roth IRA in early 2022 that had previous funds in it. Later in the year I got a raise that made those contributions ineligible, so I need to correct the contributions and pull those funds out. The markets have been down, so there are actually losses in the account, leading to me only needing to remove ~$2434 of the original $6,000. I initiated the distribution request with the IRA company, but while the paperwork was processing, the value of the IRA has risen due to a pump in the crypto markets. Now the amount that I had calculated has changed and I would have to remove more funds. So my main question is, at what point is the amount I have to pull out frozen? Is it when I first initiated the distribution request?
Asked Sunday, March 19, 2023 by Peter R.Sign in to Answer
Covid related 401k withdrawal in 2020
Back in 2020 I took out a withdrawal from my 401k through the CARES act. I took around $97,000. I split the taxes owed over 3 years. This is my last year and I got to claim around $28,000. Over the last 3 years I have put back part of the money in my 401k through payroll deduction. Can I deduct what I’ve put back in my 401k from the $28,000 I have left to claim this year?
Asked Sunday, March 19, 2023 by Rodney A.Sign in to Answer
would like to introduce my self as service providers Professional for accounting, bookkeeping and financial statements preparation, payroll accounting etc...
would like to service for the experience and getting skill in export of service from distance only.
Asked Sunday, March 19, 2023 by Devi Dayal P.Sign in to Answer
Crypto Tax question - Someone knowledgeable in this area
Is it considered a self transfer or ? when I move crypto from my wallet to a company for an investment? I see that moving from one wallet to another wallet or exchange is a transfer, but I don't know what to call it with the above scenario. I'm hoping it isn't considered a sell because I didn't go from one crypto to another crypto. Might it be considered a purchase? I can't find any info online on what it is called when moving my crypto for an investment.
Asked Sunday, March 19, 2023 by Karen S.Sign in to Answer
Qualified medical expenses
Hi, there's a question about HSAs and qualified medical expenses. It appears to be a type of deduction that would increase our refund. But what does that question mean? Is that a medical bill that insurance partially covered and we paid the rest out of pocket? Is it the total amount for purchases he made using his HSA acct? Something else? Thank you.
Asked Sunday, March 19, 2023 by Nancy B.Sign in to Answer
Property puchase
Hi, I am thinking of buying a property in Nashville, TN. - I am a UK citizen, living in the UK. Would it be more economical for me to make a purchase through a company registered in Nashville, or in my own personal name? My long term plan is to move to the US. How could I utilise this address to establish a credit history for myself? (The answer to my earlier question in terms of registering a company, or paying personal taxes may impact this, or vice versa). Also, if I was to purchase a car, which would be kept in the allocated parking space of the property, would I need to maintain tax and insurance on the vehicle in between my visits, when the car would not be in use, and would simply be left in the parking space at the property? (In the UK we can declare a vehicle as SORN when it is off the road - as it would be in this situation.
Asked Saturday, March 18, 2023 by Joshua C.Sign in to Answer