Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Do I need to file
A friend and myself have a partnership LLC. We did not start the business last year and had zero income and expenses. Do we still have to file with IRS and state of Wisconsin and if so what? An accountant is charging us $700...
Asked Monday, March 13, 2023 by Nicola R.Sign in to Answer
File joint return with spouse or married file separately?
Hello, my fiancée and I plan to marry this year. What is the best way to file our taxes after marriage, jointly or married filing separately?. We have payment plans in place, but we both have federal obligations that our individual tax refunds are applied against to help pay for the debts ( back taxes and federal student loans). Can we both file an injured or innocent spouse form to ensure potential future refunds are allocated appropriately to our debts?We would like to file jointly for the tax benefits and to be able to contribute to a Roth IRA.
Asked Monday, March 13, 2023 by Andy B.Sign in to Answer
California Tax Extension 2023 Clarification
I live in one of the counties considered "affected" by the storms. But I was not personally affected by them. Do I need to have been personally affected by these storms and prove this to qualify for the timing extension? Or do I just need to reside in one of the approved counties? If I do qualify - is the extension date of October 16th just for filing, or also for the payment? [we owe this year and I know a normal extension request does not apply to the actual payment owed] I have been told we just have to live in the county by Turbo Tax customer service [the website I use]. But H&R Block said we had to be personally affected. So I'm getting a third opinion! Thank you!
Asked Saturday, March 11, 2023 by Lindsay B.Sign in to Answer
Rental property income.
I rented my mobile home out for 6 months or so last year. Do I consider that just like any other income?
Asked Saturday, March 11, 2023 by Richard S.Sign in to Answer
Step-up after step-up
My father owned stock. It was given me upon his death in 2013. I am familiar with step-up basis and how it works. At that time, the stock was stepped-up in basis. I have kept this stock in a different account, because the brokerage firm said it cannot be stepped up again when I pass away. According to them, a step-up can only occur once for a stock and my heirs will have already received the step-up benefit from the 2013 step-up. In 2022, I was told this is incorrect and when I die, it can be stepped up again. I tried searching online for clarification, but can find nothing that talks about stepping up a stock that has already been stepped up. So it appears that when I die, this stock can be stepped up again. Would someone be kind enough to clarify this?
Asked Saturday, March 11, 2023 by Terri B.Sign in to Answer
Part time job
I did my taxes and discovered I can make less than $15,000.00 a year while collecting SS. I am 73 years old and a widow, I made $17,000.00 last year. I thought I could make as much as I could after turning 70. I pay taxes from my job. Should I quit my job??
Asked Saturday, March 11, 2023 by Emily C.Sign in to Answer
Tax amount due
Received W-2 and 1099 for settlement. Accommodations refused, pregnancy lost, emotional distress. Firm mentioned paying taxes for the portion they received directly but 1099 has 2nd half of mine plus lawyer's payment. Not sure how much is taxable for the amount received.
Asked Saturday, March 11, 2023 by Laporsha F.Sign in to Answer
1099 or W2 Employees
Currently in the beginning stages of a start up small business cleaning service. We are currently weighing the options of 1099 or W2 employees. If we went the route of W2 employees, are we bound to provide health insurance to each of the employees with a W2? Also, are we free to be selective on who can receive a 1099 or a W2?
Asked Saturday, March 11, 2023 by Malik A.Sign in to Answer
How do I upload my 1040c to e-file and where I
I filled out my 1040c form online but I want file it e-file upload it to where and how
Asked Friday, March 10, 2023 by Robert J.Sign in to Answer
Filing of Form 8582
I've been accumulating Passive Activity Losses for the last decade. For the first time this year, I rec'd a gain instead of a loss. I thought, no problem, I have the accumulated losses in my tax records. When I went back to look at previously filed returns, I cannot find any Form 8582 declaring the accumulated losses/carryover each year. Am I in trouble, or will the IRS computer system simply be able to check the loss I've put into the tax software (and thus the filing) each year?
Asked Friday, March 10, 2023 by Lester W.Sign in to Answer