Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsBest way to contribute to scholarship fund as an S Corp
Asked onThursday, March 09, 2023 by NikiMy family established a memorial scholarship through a local community college foundation. Should we replenish the fund from our S Corp or do an owner distribution and fund it personally? We don't itemize personal taxes.
Sale of a 1031 LIke-kind exchange
Asked onThursday, March 09, 2023 by GeraldineWe bought a lot back in 2004, strictly using the guidelines set out by 1031 rules. I contacted the agency who filed our taxes, they no longer have records. Sadly, neither do we have any records, I can give approximate dates and the initial cost but no documentation. I am using Turbo Tax but I can not answer exactly. How should we proceed? We received a 1099S for this sale from the title company who did the closing.
Taxes for llc
Asked onThursday, March 09, 2023 by VanessaI filed my personal taxes. I didn't make any money on my llc but the state is requiring I file a return or my llc will be suspended. Can I still file even though I filed a personal return?
New York Tax for Nonresidents
Asked onThursday, March 09, 2023 by CarlaHow can I find the amount New York State will tax me as a nonresident for being employed by a company based in New York State?
Gambling wining
Asked onThursday, March 09, 2023 by SusanI am a tax preparer but have never had a return like this. This lady lives in Louisiana is single and only draws VA disability non taxable income. She never has to file she was in Ohio at a casino and won 15633.00 dollars. They held out state taxes but not federal. Really don't know how to file this or dose she have to. If she dose file will she get credit in Louisiana for the state taxes she paid in Ohio. Thanks so much. I am so lost.
Can I file with a business?
Asked onThursday, March 09, 2023 by KhadijahMy sister and I own a business(an LLC). Technically the business is in my name, but all the accounts are in hers. We haven't paid ourselves so there's no payroll. In my mind no payroll means no income for us. Can I file taxes for my business and still do it for myself? (we do the taxes quarterly)
Why do I owe IRS money
Asked onThursday, March 09, 2023 by RichI toke money out of IRA 20,000. They toke taxes out of it already. I made less than 40,000.
December Incorporation; No Shareholder Compensation until January
Asked onWednesday, March 08, 2023 by LuisI 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?
W4
Asked onWednesday, March 08, 2023 by JessicaCan 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
1/16 of step-grandmothers home inherited. Are taxes owed?
Asked onWednesday, March 08, 2023 by John(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.