Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHow do you fill out a 8962 with alternative credit
Asked onFriday, February 23, 2024 by AngelI can't figure out how to make the adjustment for a person who got married during the year when she was on marketplace.
1099 MISC for NY paid family leave
Asked onThursday, February 22, 2024 by MarieI received a 1099-MISC for New York paid Family Leave. I live in New Jersey and work in New York and file a NJ resident tax return and NY non-resident tax return. In box 17 for State/Payers State # it has NJ. In box 18 for State Income it has the amount. Is this table in New York, New Jersey, or both? Thank you. I asked this question yesterday and scheduled a 4:30 phone call (908-241-3819) but did not get a call. You can call or text me on my cell at 908-400-6869. the other number is a landline.
How to account for co-mingled business and personal Treasury Direct purchase?
Asked onThursday, February 22, 2024 by MichaelI opened a Treasury Direct account in my wife's name and purchased (then redeemed) I-Bonds with the account. Unfortunately, I linked the Treasury Direct account to our business bank account by mistake. So the Treasury Direct account is registered to a personal social security number, but the business account shows a debit and credit for the purchase and redemption. How should I account for this for both the business and our personal taxes? My original intention was for it to be a personal investment, not a business investment. Thank you for your help. This has been a confusing topic to research.
1099-MISC NY Paid Family Leave
Asked onThursday, February 22, 2024 by MarieI received a 1099-MISC for New York Paid Family Leave. I live in New Jersey and work in New York and file a NJ resident tax return and NY non-resident tax return. In box 17 for State/Payers State #, it has NJ. In Box 18 for State Income, it has the amount.. Is this taxable in New York, New Jersey, or both? Thank you.
Inicial investment
Asked onThursday, February 22, 2024 by IsaacHow much initial money can I put in a bank account to make a payment for merchandise to another country and is this tax applicable? If so, what percentage? We are going to operate in Wyoming
LLC Tax Filing
Asked onWednesday, February 21, 2024 by MauroHello, I opened an LLC in may 2023 in Wyoming and had no incomes nor expenses last year. Can you please advise me if I need to present tax documentation anyway? It is a 2-member LLC (with 99%/1% share).
About taxes in New Mexico
Asked onTuesday, February 20, 2024 by ahmetIn May 2023, I formed an LLC in Albuquerque, New Mexico. In December 2023, I received an EIN number. Our company works in the software industry and provides software services to clients in Europe. For the services provided by our company, our clients in Europe will pay to the company account. What kind of taxation will apply in this case? For example, if a total of 50.000 usd is invoiced for 1 year, how much tax do I have to pay? Also, how much tax rate should I reflect on each invoice?
Is tail insurance premium for employed physician tax deductable?
Asked onMonday, February 19, 2024 by MichaelIn 2023, I terminated my contract as an employed physician to seek a new opportunity. As such, I was required to pay the premium for tail insurance (extended liability insurance covering the previous employment). Am I able to deduct this as a business related expense or similar?
Tax distribution
Asked onMonday, February 19, 2024 by GinaMe and my friend are starting a business. She has an stablish LLC and the contract we will getting using her LLC name will be to split 50/50. My idea is to join as subcontractor and we want to split the earnings 50/50. Whoever the question is who will be taxed more her LLC or me? She suggested her keeping a higher percentage of the money because she will have to pay taxes at the end. But my understanding is that LLC is through pass and it will work the same on either side.
additional tax on excess contributions to roth iras
Asked onFriday, February 16, 2024 by Kevini 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?