Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Rent to own Would I be taxed in the year I get a $30,000 down payment or when I sell?
I would also like to know if my tenant gives me a sum of money every year would I be taxed in that year on that many or when the place sold? I live in California and I live on one side of the duplex.
Asked Saturday, February 25, 2023 by Sue C.Sign in to Answer
CTC refund 2021
If you received the stimulus checks did you automatically get the child tax credit advanced payments in 2021
Asked Saturday, February 25, 2023 by Dana E.Sign in to Answer
Are Survival Act Damages subject to Federal Income Tax?
Are Survival Act Damages received in addition to a Wrongful Death Settlement and paid to the Estate taxable income for Federal Income Tax purposes? If yes, where do you show it on Form 1041?
Asked Saturday, February 25, 2023 by Beverly W.Sign in to Answer
Claim Gas and groceries and bills
I don't own my own business, but was told I can claim my money spent on gas, groceries, and bills,etc, can I?
Asked Saturday, February 25, 2023 by Lisa B.Sign in to Answer
S-Corp Tax Filing
I established my S-Corp in 11/2021. I am the only shareholder. Furthermore, I did not file any W2 for my salary, I did pay myself 30,000. The company's profit was 60,000. I am not sure how to file the taxes because I learned that I was supposed to send a W2 for myself and I did not. I only had a 1099 employee and they received their form.
Asked Saturday, February 25, 2023 by Desiree H.Sign in to Answer
What are the benefits of forming a sole proprietorship or LLC.
I have a STR in MS and a one man small handy man business in TX. Do the benefits of having them registered outweigh the costs in my case specifically.
Asked Saturday, February 25, 2023 by JP M.Sign in to Answer
RSP contribution
Hi, My company has a matching program for Rsp so every month they would send a cheque with the 3% I’m contributing + the 3% they’re matching to my RSP account on my personal bank. Am I able to claim the RSP contribution on my tax return? In the T4, line 14 is reporting my whole salary including the rsp I’m contributing As for my company share it looks like it’s reported in line 40. Thank you.
Asked Saturday, February 25, 2023 by Sara G.Sign in to Answer
Impact of living trust on filing of taxes
I created a living trust in 2022 and received 1099’s from the same payers for both the trust and individual. Do I need to file separate returns for the trust and individual?
Asked Saturday, February 25, 2023 by Perry L.Sign in to Answer
S Corp Salary
With gross receipts of about 500K and net income of about 27K do I need to pay myself a salary? High overhead business with lots of depreciable equipment hence the large difference between gross and net.
Asked Friday, February 24, 2023 by NELLIE M.Sign in to Answer
Sale proceeds as beneficiary of irrevocable trust(personal residence) in Calif. I live in Wa. State.
Do i file Calif income return for this sale? Is cost basis value on date owner died?
Asked Friday, February 24, 2023 by Leonard G.Sign in to Answer