Unanswered Tax Questions
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Restoring a Vintage Vehicle
I want to write off my repairs/improvements for my Bronco. Do I have to change ownership from my name to my llc's name? I will only be doing this once as my business is not restoring vehicles.
Asked onFriday, March 10, 2023 by AdrianCPAs - Sign in to Answer
Effect of IRA distribution on annual contribution limit
I contributed $3900 to Roth IRA in 2022, then I made the withdrawal of the entire amount, also in 2022. I want to contribute to Traditional IRA instead. Does my $3900 Roth contribution still counts toward annual contribution limit for 2022?
Asked onFriday, March 10, 2023 by OlgaCPAs - Sign in to Answer
Extra business money
I had recently received compensation for a totaled car and decided to put some 4000$ into my llc account, do I have to pay taxes for this even though it's not generally thought of as work related income?
Asked onFriday, March 10, 2023 by MatthewCPAs - Sign in to Answer
Crypto
I have a business where I purchase items from people and sell them on Amazon. Amazon gives a 1099k form at the end of the year. When I buy items, I pay people via ACH transfer or a third party platform like CashAp. Many people are interested in crypto payments. Would I be able to pay people with crypto and put the transactions on my taxes as a write off? I know I can use receipts for ACH and CashApp to put on it to lower the profits, for example I pay someone $100 for an item and sell the item for $200, and put the receipt on my taxes so I only made $100 instead of $200, could I do it with crypto? Thanks.
Asked onFriday, March 10, 2023 by EyalCPAs - Sign in to Answer
Married/separate… claiming deductions
A spouse and I are separated. If I file married/separate and claim the standard deduction, can my spouse file head of household or an itemize her deductions?
Asked onFriday, March 10, 2023 by MichelleCPAs - Sign in to Answer
Taxes
I am a new online boutique. I am a sole proprietor, in Indiana. I am wondering how often I need to file if its annual or quarterly and what forms are needed. I started my online boutique in February 2023
Asked onFriday, March 10, 2023 by HannahCPAs - Sign in to Answer
Filing status for restraining order
I am married but separated due to abuse and restraining orde, can I file head of household when filing jy 2022 taxes?
Asked onThursday, March 09, 2023 by JosephineCPAs - Sign in to Answer
I don't know if I'm head of houshold
My fiancee and I lived together with her 15 year old child all of last year. I am a 1099 and W2 filer. I paid for 80% of living expenses. Should I be head of household and is it possible for her to get EIC? Do I file them under me or should she and I file separately for her to get the credit?
Asked onThursday, March 09, 2023 by BrianCPAs - Sign in to Answer
Calculation of Net Income Attributable for Excess Roth IRA Contribution Removal
Hi, I contributed the full 2022 contribution limit of $6000 to my Roth IRA on January 3, 2022. Now that I'm doing taxes for 2022, my tax filing software informed me that my contribution is limited to *earned* income, not all income. I only had $900 in wages, the rest was from dividends, capital gains, and interest. So, I think I need to pull $5,100 out of my Roth IRA before the tax deadline. I've filed an extension to give myself time to figure this all out. The form from my broker for this withdrawal has a line item adjustment for Net Income Attributable (NIA) and says to calculate that amount using IRA Pub. 590-A Worksheet 1-3. Line 5 from that worksheet is -0.31 since my Roth IRA stock portfolio value has fallen 31% since the start of 2022. So, does that mean I need to withdraw only $3,522 ($5,100 times 69%)? Or do I need to withdraw the full amount of $5,100?
Asked onThursday, March 09, 2023 by DavidCPAs - Sign in to Answer
C-corp taxed as s-corp reporting income from 1099-nec issued to ssn
My state does not have corporate or personal income tax. For federal tax purposes, I elected s-corp status for my single shareholder c-corp. As a real estate agent working under a brokerage, my commissions are split with them, so I receive a 1099-nec from them each year made out to my person with my SSN. I report that income as the income for my corporation on my 1120-S etc. Does this pose an audit risk? A CPA set me up this way, but he's subsequently been involved in lawsuits and no longer has a firm, and everything I read in the IRC makes me question this method I've been using.
Asked onThursday, March 09, 2023 by ElizabethCPAs - Sign in to Answer