Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
write off for child working for you
can i write off for the work my child does to help me? i.e. I pay for my childs car insurance, cell phone, and gave him my pervious vehicle, in exchange he takes photos of listings, puts up signs etc. for my real estate business, how can this he deducted?
Asked Thursday, February 23, 2023 by Michele C.Sign in to Answer
I want to close my LLC
I opend a LLC in California where I live and I want to close it because I want to work in a salon because I’m a esthetician but it won’t cover my license so I wanted to open a s corperation this business was never used and never made any purchases for it will it effect me if I close it? I have not made taxes on it yet
Asked Thursday, February 23, 2023 by Marissa C.Sign in to Answer
W-2
1)Box 4 Social Security withheld 2)Box 6 Medicaid Tax, 3) Box 14 other death/D 426.40 Where ( if at all)are these boxes to be recorded on the 1040 and D400?
Asked Thursday, February 23, 2023 by Kaye Z.Sign in to Answer
Paperwork details
I have a question about a business that I had that had some paperwork filed for it but then it had to be shut down and so all of the paperwork wasn't filed. Do I still need complete the filing if paperwork like the AoO or an OA haven't been filed yet?
Asked Thursday, February 23, 2023 by isaac m.Sign in to Answer
General Question
Hello I'm currently 19 living in Florida (self employed) and I was wondering on average how much ill pay in taxes before deductions if I've made $103,000 in 2022
Asked Thursday, February 23, 2023 by Dawson J.Sign in to Answer
IRA Question
Hi, I am hoping someone can help me. I inherited an IRA from my Mom many years ago. I put the money into 2 CGM mutual funds. Late last year, I received notice from CGM that they were going out of business and that I needed to liquidate my funds. I met with Fidelity with the purpose of transferring the funds to them into a new IRA account. Fidelity sent the paperwork to CGM and requested that they send them the money. Instead, CGM sent me a check which I immediately sent to Fidelity. I just got a 1099 from CGM which showed that they actually withheld federal tax which of course I did not want them to do. When I called them, they claimed that Fidelity did not send them all of the needed paperwork so they did not process this as a transfer and because the funds are closed, they cannot correct the problem. So what the heck do I do? It's past the 60 days. I am using TurboTax Deluxe to do my taxes? Is there a fix so that the total amount of the check sent to me + the withheld tax count as an IRA transfer? Please help and I am confused as hell. I thank you for your help.
Asked Thursday, February 23, 2023 by Dario W.Sign in to Answer
Tax Payment
Can an LLC reimburse partners for taxes paid on business income?
Asked Thursday, February 23, 2023 by Brittany D.Sign in to Answer
Travel Nurse w/ company now going to staff at a Hospital
Hi I have my own travel nurse company and in the past have been getting paid a 1099 from hospitals I did travel nurse contracts with. I recently just go hired for a full time position at hospital and they are unwilling to offer me a 1099 (even though I have a business travel agency license and all liability insurances). What can I do to pay myself as a company for tax benefits vs claiming a W2? My company technically outsourced myself to a permanent position. Thank you!
Asked Wednesday, February 22, 2023 by Aaron S.Sign in to Answer
Husband/Wife Business
My husband owns a LLC cleaning business that I work for. He 1099’s me and some clients have issued me 1099’s in my name under my SS number and some in the LLC name under the TIN. Which forms should we use to file a joint return? We live in Missouri.
Asked Wednesday, February 22, 2023 by Monique W.Sign in to Answer
We are on ssi and would we file taxes on ssi?
We don't work. Do we still file taxes.
Asked Wednesday, February 22, 2023 by Christine B.Sign in to Answer