Unanswered Tax Questions
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December Incorporation; No Shareholder Compensation until January
I incorporated my LLC and elected it to be taxed as an S-corp on December 16, 2022. I'm the only shareholder and employee of the company. The company didn't make any revenue or start paying me until January 2023, after I set up a business bank account and started generating revenue. How do I properly report this to avoid issues with not paying myself a reasonable wage as a shareholder/officer?
Asked Wednesday, March 08, 2023 by Luis E.Sign in to Answer
W4
Can I file single and no dependants on my w4 (for most taxes to be taken out) then file as head of household and my dependent at tax time
Asked Wednesday, March 08, 2023 by Jessica S.Sign in to Answer
1/16 of step-grandmothers home inherited. Are taxes owed?
(Louisiana) My grandfather dies in 79 and left house to wife (step-grandmother), Son (uncle) and my father. She died in 2015 and uncle held succession until 2022. Uncle offered buyout of my 1/16. That 1/16 came to $10,000, less costs and atty fees. Ended up net at approximately $9300. Attorney sent 1099-S for $10K. It shows "Proceeds From Real Estate Transactions". I am 66, retired AND disabled. Haven't had to file in years. Now I have this confusion to deal with. My SSDI is unearned income and not reported. I have no clue on where to go on this one. Any info would be appreciated. Thank you.
Asked Wednesday, March 08, 2023 by John S.Sign in to Answer
Taxs filed on SSI
I'm getting SSI .can I file tax on this at the end of the year?
Asked Wednesday, March 08, 2023 by Victor B.Sign in to Answer
Roth IRA and Filing Status
If a couple is contributing regularly to Roth IRA and then gets married towards the end of the year and wants to file Married Filing Separately, what happens to the money contributed during that year (assuming each spouse earns more than $10,000.00/year.)?
Asked Wednesday, March 08, 2023 by Matthew S.Sign in to Answer
Back door Roth
Hi, due to too much income, I will not be able to contribute to my Roth IRA. But I already made 1K contribution in it for 2023. I want to stop it and prep for a Back door Roth IRA. So what can I do to my current 1K in a Roth? Do I just just leave it in there and at year end do a Traditional IRA recharacterization, or is there a way I can withdraw it or convert it mid year and achieve the same result? I already have a Traditional IRA because I had to do a recharacterization for 2022, and parked all my contributions to Roth minus the Net Income. Can I contribute into that IRA, or do I need to start a new Traditional IRA for the back door strategy? Thanks.
Asked Wednesday, March 08, 2023 by Tim G.Sign in to Answer
Do it ourselves???
The last few years my husband and I have used Free Tax USA to file taxes at home. If we paid a CPA to do it, would we be likely to get more back? Is it worth paying someone? We ended up with standard deduction last year and using software this year saying standard as well. Last year we got about 2k refund and this year saying we owe about 2k. Does this sound accurate with tax changes? My husband and I both work, we have 2 kids age 9, own home (paid off). Thank you!
Asked Wednesday, March 08, 2023 by Kristi H.Sign in to Answer
LLC 1099
I have my own LLC and one of the companies I did business with said there not issuing 1099 to corporations. I was confused by this. How do I know my income and how will IRS track it? Also I am not S Corp taxes
Asked Wednesday, March 08, 2023 by Azeem R.Sign in to Answer
Is it illegal to not file your taxes when a refund is due?
In 2019 I failed to file taxes on time and didn’t do it until recently. No notices or penalties were sent and I was due a small refund. Did I break a law ?
Asked Wednesday, March 08, 2023 by William M.Sign in to Answer
What category to file
Got married last year, I pay 90% of bills, Should I file head of household with dependent child, age 20 full time student I support or would it be best to file married jointly. I made a little over 69,000 and my husband made about 40,000 together we are about 100k. Which one would be better for better results?
Asked Tuesday, March 07, 2023 by Heather S.Sign in to Answer