Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Self- Employed, but barely worked last year due to family illness
I'm a self-employed realtor who wasn't able to work much at all last year as my wife had a mental health breakdown and it was necessary for me to tend to her and the children. Total income was under 2k. I did, however, incur normal expenses that far exceed that income amount. What do I need to be aware of as I do my taxes?
Asked Sunday, February 26, 2023 by Kyle S.Sign in to Answer
Is it okay for privacy to redact clients name and address on checks and invoices?
In California, When claiming income on my taxes can I redact clients name and address from checks and invoices for client privacy?
Asked Saturday, February 25, 2023 by Rochelle B.Sign in to Answer
Reverse Mortgage
Last year I did a reverse mortgage refinance into another reverse mortgage with a lower interest rate. I just got a 1098 which apparently shows the interest paid on the original reverse mortgage because it is $125000. Can I now deduct the interest paid for the original loan?
Asked Saturday, February 25, 2023 by Christina J.Sign in to Answer
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