Unanswered Tax Questions

Miscellaneous

Business loan for travel for remote work OK?

I have multi-state professional licensure. I want to travel to the states I am licensed in to perform professional medical services. I would need to be physically present in the state in which I am performing services, so I am looking into buying a trailed and a truck to live in while I work in the other states, keeping my base/office/residence in my home state. Can I have my business take out a loan for the trailer and truck and deduct the payments as a business expense?

Miscellaneous

Personal loan for business entity

I am wanting to "loan" my business entity money to buy a truck for work use. How do I go about this, assuming it is proper to do so?

Tax Filing Tips

Filing status with international spouse

Hi, I’m a U.S. citizen and my spouse is Canadian. I changed my W-4 filing status to married. We’re in the process of submitting a k-3 application and he doesn’t have a SSN or number with the government. Can I still file married filing separately? He doesn’t have any income and I don’t want to file incorrectly. Thank you.

Investment and Finance

Capital gains

If I have a couple ETF, and they go up, then start going down so I sell them. Do I have to pay capital gains taxes on the money they gained? I’m wondering because if I plan on putting 100% back into the same etf once the market bottoms out, so I’m not really using that money for anything else, just taking it out and putting it back in to the etf.

Tax Law Changes

Iam on ssdi and sell on micari is there a limit i can sell

Tax Filing Tips

No LLC yet, Filing Questions

I am starting a side gig in 2023. LLC I think in MO. Maybe sole proprietorship. In 2022 I invested in the business by building a studio and taking coaching lessons. Trying to understand if I can deduct from my personal taxes or what the policy is.

Personal Taxes

Is there a way to file taxes with a 1099k as a minor without it going against my mother´s income tax?

I am 16 and selling through an online platform and my business has been doing well recently, the issue I am running into now is the tax threshold. However, at the threshold, it requires a complete 1099k form, since I am a minor this would have to be under my mother´s name and social. My mother says I should hold off on taxes as long as possible, even though it is now not really an option anymore. She says a 1099k filed by me in her name would go against her ¨income tax¨. Is there a way around this?

Home Ownership

will capital gain apply?

Dear tax Expert, In Re: will capital gain apply? We sold a residential property 12 months ago in March 2022 and moved into the only property we now have and live in. If we sell this residential property now, will capital gain apply? When can we sell this residential property so that the capital gain will not apply? Thank you

Miscellaneous

I'm a street musician. How do I go about paying my taxes and social security.

I'm a street musician trying to figure out how to go about paying my taxes.

Retirement

Tax Withholding for Roth Conversions

Hello, I am older than 60 and younger than 72, and have been performing Roth Conversions. My tax returns have included a Failure to Pay Penalty. I am trying to understand what the IRS wants me to do differently to avoid a penalty. I have transferred money from my Traditional 401k to my Roth IRA every year in December, and have made a check out to the IRS and mailed it at the same time in December. Should I be doing something differently? Does the IRS want me to make Quarterly Estimated Payments even though I don't withdraw money until December? Thank you for your guidance.