Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Adult child moved in and defining "Household Income" FPL?
I have a question about program eligibility such as Medi-Cal/Medicaid. We live in a house, owned by my Mother, who receives SSI, a small monthly 401k check, and no other income. I do not include her as a dependent nor does she include me as a dependent on either of our taxes. Is she eligible for such programs? Or does my income, as a high earner >150k a year, disqualify her.
Asked Thursday, January 11, 2024 by Jon B.Sign in to Answer
can i hire resource on my company w2 ?
I have registered Domestic LLC in Delaware being a non-resident and want to hire resource on w2 contract. If yes, Please guide me the process for same.
Asked Thursday, January 11, 2024 by Sunita S.Sign in to Answer
Being a non resident of USA, what are taxes I need to pay?
I have paid the USD 300 for the Franchise LLC and do I need to file for federal tax and income tax as well. Also can you confirm if I need to do annual filing?
Asked Thursday, January 11, 2024 by Sunita S.Sign in to Answer
Investment to Primary
Hello, I currently own my primary residence in Texas but we are planning to move to California in June. We are planning to buy the home in California before we move there by using an investment mortgage and then sell our home in Texas before moving there in June. Once we move to the California property we will probably want to refinance it as a primary residence. What are the tax implications that I may run into when I file taxes in 2025?
Asked Thursday, January 11, 2024 by John R.Sign in to Answer
home sale and taxes
my father just passed away on Texas in October, we are selling his house that we inherited through heirship affidavit. Its a cash sell and it is under $100,000 cash. Will we have to pay federal taxes on the cash amount we receive.
Asked Thursday, January 11, 2024 by Van W.Sign in to Answer
Vehicle deduction question
I currently lease my car, and write-off business use with the actual cost method. In two months the lease ends and I will be purchasing the vehicle. Does doing so constitute acquiring a new vehicle, allowing me to switch to the standard mileage method?
Asked Wednesday, January 10, 2024 by Adam G.Sign in to Answer
Non-fringe taxable earnings vs. gross earnings
Should I include non-fringe benefits such as discounts and taxable LTD premiums paid by the employer in gross wage calculations when reporting earnings for unemployment benefits or state-run paid family leave programs?
Asked Wednesday, January 10, 2024 by Lizann R.Sign in to Answer
Capital Gains Tax
I am selling a piece of real estate property. The proceeds will be spilt evenly to my 3 children. How do I avoid/reduce my taxes after the sell. It will be a 450,000 profit. The property is in California but I am now a resident oof Texas. Do I still have to pay the state of Clifornia tax. Is there a way I can gift the proceeds to my children without being taxed. Please advise.
Asked Tuesday, January 09, 2024 by Marsha W.Sign in to Answer
Graphic Design Sales Tax
I would like to know if I need to charge clients sales tax as a graphic designer in NY. To give an example: A printer will contract me to do the design work for a billboard. I work on it and when done, will send the print files electronically to the printer. They will then print and install on their end. I will invoice them for the design work and electronic print files only. Sometimes I will invoice the client directly. The client never receives the print files themselves, only the printer. I do not print the items myself nor do I sell printed items on my end.
Asked Monday, January 08, 2024 by Austin E.Sign in to Answer
parents medical expenses
My mother works part time. She works a few days a week. She has numerous health issues and isn't able to afford most of her bills. Due to the extent of her medical conditions, her income isn't enough to pay for most of her bills. I have been supporting her financially with her bills, and they are, including but not limited to, living expenses, medical bills, prescriptions, therapy, transportation etc. I have paid a lot of her bills last year, totaling just under $28,000. Can I claim these amounts on my tax return? Thank you
Asked Monday, January 08, 2024 by terry l.Sign in to Answer