User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax Questionsadditional 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 onFriday, February 16, 2024 by KevinCPAs - 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 onThursday, February 15, 2024 by DavidCPAs - 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 onThursday, February 15, 2024 by StuartCPAs - 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 onThursday, February 15, 2024 by miaCPAs - 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 onWednesday, February 14, 2024 by BrianCPAs - Sign in to Answer
Form 7205: Energy Efficient Commercial Buildings Deduction - can a renter qualify to file, or only a building owner?
We are a retail bookshop that RENTS our space from our landlord. Last year, we spent $30,000 installing new LED lights and a new HVAC system to replace old, energy inefficient equipment. Can a renter qualify to file form 7205, or only a building owner? The form instructions say only the owner and the designer qualify. But IRS Notice 2006-52 includes the word "lessee". If we don't qualify for this credit, is there any other credit available for us?
Asked onWednesday, February 14, 2024 by AnayaCPAs - Sign in to Answer
Filing an S-corp that never filed
I recently acquired an s-corp that never filed an 1120s or initial election. The company started in Nov of 2019, so it’s beyond the 3yr 75 day mark. Is there a way that I can file without being penalized?
Asked onWednesday, February 14, 2024 by ShaneCPAs - Sign in to Answer
1099 nec deductibles
I love your content!!!! I was wondering if I could possibly ask you a question ? I won a settlement of 40k last year the company that payed that settlement payed me $19500 as 1099 nec independent contractor and $6500 a w2 and $14000 for my lawyer fees. Can I deduct my lawyer fees on my 1099 as an expense ?
Asked onWednesday, February 14, 2024 by FlavioCPAs - Sign in to Answer
What type of business should I establish for my new venture?
I am looking to become a home inspector. Many home inspectors are Sole Proprietors, but are encouraged to form LLCs to protect themselves personally. I have a desire to work with another local inspector who has an already established business, but I want to be able to write off my own expenses, and I assume working as a w-2 employee for them will not allow that. My wife is a disabled military veteran, and we considered forming a business together for the military owned designation benefits. I will have to have my own general liability insurance and Errors & Omissions insurance. If i were to form an LLC with my wife, will we be seen as one individual, and can the other company just hire me as a subcontractor?
Asked onWednesday, February 14, 2024 by CodyCPAs - Sign in to Answer
Own
I have a Texas license because I have Texas address and home there . I own my business in Georgia that where I work at and also I have house too . Where will I file my company taxes for this year ? Will it be Georgia or file ? Because I received in the mail the tax form for my new house I purchased in Texas but the house is in my name only. I have spouse who lives in Georgia that she don’t live at that house at all and I have 3 dependents that lives in Georgia that I take care of .
Asked onWednesday, February 14, 2024 by EddieCPAs - Sign in to Answer