Unanswered Tax Questions
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How to file Form F1120A electronically online
How to file Form F1120A electronically online. This is our first time filing. We bought several programs to prepare returns, but they weren't good enough. For example with Turbotax we only managed to submit federal form 1120 electronically... And the Florida form cannot be submitted electronically online through turbotax.... Please advise who can help us submit Florida Form F1120A. Also looking for a CPA partner to work with who needs a nice website. We could make an accountant a beautiful website with a luxury design for free, in exchange for their help in submitting returns and counseling. Please email us if you are ready to discuss details. We will be glad to cooperate.
Asked Tuesday, March 07, 2023 by Aleksandr P.Sign in to Answer
Should I add income to deduct more expenses because I'm under 400$ income for 2022 taxes?
I am a sole proprietor who started business in 2022 and I'm entering expenses from 2022 inside QuickBooks for deductions for 2022 tax time. I am eligible for health care premium to be fully deducted (I am pretty sure, based on the questions I answered too) but it wont deduct because QuickBooks says I've hit my limit for deductions based on my income (less than 400$ for 2022). Because my expenses were higher, I'm at a net loss of over 1k. I am not done entering other expenses but I would like to know, should I enter more income to deduct more? I don't want to deduct all these things and then only half of them get deducted. Would it be better to saves some deductions for next year if that's possible, such as computer parts, but I don't want to write them off as 5 year asset.
Asked Tuesday, March 07, 2023 by Samantha P.Sign in to Answer
City income tax
I am still working full time and took a diversification payment from our ESOP. I know I have to pay federal and Ohio state tax but do I have to pay city tax for this 1099R? Thank You
Asked Tuesday, March 07, 2023 by Ron H.Sign in to Answer
Should I convert Traditional IRA to Roth?
If traditional IRA contributions are non-deductible due to income exceeding the limit, and I also exceed the income limit for contributing directly to Roth IRA, should I backdoor convert my traditional IRA to a Roth IRA ahead of filing 2022 taxes? Are there any tax consequences for doing backdoor converting if I already bought ETFs in the Traditional IRA?
Asked Tuesday, March 07, 2023 by Joshua Y.Sign in to Answer
My W-2 has income for 2 states when I worked in one
My employer gave me a W-2 with a NY income of $37,000 and a NJ income of $13,000. Last year, the same employer only showed income for NY. According to payroll, NJ is a reciprocal state which is why there's a NJ income too. I don't understand what this means. Can you explain why there's income for both states that is equaling to $50,000 when my income was in the $37,000 range?
Asked Tuesday, March 07, 2023 by Samantha O.Sign in to Answer
Can one S-corp pay another S-corp if you own both?
I own 50% of one S-corp that is a booking agency for DJs. I own 100% of another S-corp that is for my personal DJ business. Can the S-corp booking agency pay my own S-corp for DJ gigs that I have to cover? Would prefer to pay as a contractor rather than salary payments or owner distributions.
Asked Tuesday, March 07, 2023 by Josh D.Sign in to Answer
starting a small business
Dear Madam or Sir, I'm about to open a private tattoo studio in my main residence (a free extra room that my landlord approved to be used commercially for this purpose). I have two questions regarding current Quebec laws ( I live in Montreal). 1. What tax advantages would it have for me to directly register as a sole proprietorship, even though I'm just starting out? 2. How exactly am I deducting my start-up costs from 2022, a year I haven't made income yet from this new endeavor? I'm looking forward to hearing back from you. Kind regards. Zora Lenz
Asked Tuesday, March 07, 2023 by Zora L.Sign in to Answer
What shold i be filing under
Divorced, kids now grown. I need to know what box to check at work for my form. My options don't seem to fit my situation. I would assume single but that option says 'single or married with more incomes'. There are no other incomes...just me/mine
Asked Monday, March 06, 2023 by Rhonda D.Sign in to Answer
Reporting a Futures Trading loss on my 2022 income taxes
I had a $15,000 loss last year trading Futures Contracts inside my Roth IRA brokerage account. Can I report that loss on my 2022 tax return? If not, had I had the loss in a regular brokerage account would I have been able to report that on my 2022 tax return? THANKS!
Asked Monday, March 06, 2023 by tom m.Sign in to Answer
Rent and Sales Tax
My husband and I currently have a Limited Liability Corp that is the owner of an office/ warehouse unit. We occupy the space and run our Window and Door company out of the space. Our Window and Door company is a separate S corp entity. Does the Window Company have to pay rent and sales tax to the Limited Liability Corp even-though we are the owners of both??
Asked Monday, March 06, 2023 by Viviana H.Sign in to Answer