Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsRoth IRA contribution
Asked onSaturday, March 02, 2024 by KylieI am paid on a graduate stipend and my income is reported on a 1099-MISC. Can I contribute to a Roth IRA from income reported on a 1099 MISC?
Dependent care benefits
Asked onFriday, March 01, 2024 by AnthonyI participate in my company's dependent care FSA, and contributed 5K to it in 2022. My understanding is that this is all pretax dollars to decrease taxable income. I was looking back at my 2022 Tax filing, and on my Form 1040, in section 1e, it states that my "taxable dependent care benefits from form 2441" was 5K. This seemed to be added to my W2 income, and together, from what I gather, is being fully taxed.... It doesn't seem like the contribution to the FSA was removed from taxable income. So was I taxed on this amount and/or did I do something wrong?
Applying refunds to next year
Asked onThursday, February 29, 2024 by JackI am getting a Massachusetts state tax refund this year. I moved to Texas for my job. Can I apply my state refund to federal taxes next year?
Selling my secondhand items/collectibles
Asked onThursday, February 29, 2024 by GIANNAI am trying to figure out how to calculate, fill out, prepare for next tax year in regards to selling my own items (collectibles/second hand stuff)
W8 or W9 for non-resident non-taxable sole prop owned LLC
Asked onTuesday, February 27, 2024 by HiginiI am a non-citizen, non-resident sole proprietor of an LLC. My LLC has an EIN, but no employees. I set up the LLC to be able to bill clients in the US for services rendered 100% remotely from overseas (not necessarily my home country). I am pretty confident I am not liable to pay taxes in the US for the income earned through the LLC because I did not have a substantial presence in the US (183 days in the past 3 years), and I do not operate an office or warehouse, sell any products or have any employees or sales agents in the country, so the revenue of the LLC is not "connected" to work done in the US. This month I decided to start billing my US client through my LLC this month and they came back to me with a W9 form. I wonder whether this is the form I should fill, as a US LLC, or rather as a non-taxable non-resident I should ask for a W8. In the second case, does this create some sort of reporting between the IRS and the authorities of my country? I understand this is professional CPA advise I am asking for, so I am totally willing to pay for a full consultation, and for further services.
Gross receipts
Asked onMonday, February 26, 2024 by RobShould employee credit card tips we take in, but pay out to the employees be added to our gross receipts for the year?
how to properly use campaign funds
Asked onMonday, February 26, 2024 by MatthewCan a candidate, say, someone running for President, utilize campaign donations to pay for their personal legal fees (legal fees that have nothing to do with the campaign), without personal tax implications? Or, would the funds used be considered as income, and if yes, what level of income tax would apply to this income?
HSA Custodian is reporting excess but i had no excess contribution
Asked onMonday, February 26, 2024 by JudyBased on my records and my W2 for 2023 and from speaking to my employer i contributed the max to my HSA. However i received a letter from the HSA bank the custodian that i have excess contribution for 2023 so i have to take the excess out. How do i resolve this?
LLC for Which State?
Asked onSunday, February 25, 2024 by CarleahHello, May I ask a simple question about my business? I have been in business for about 3.5 years now, and my LLC is in North Carolina. The LLC has been dissolved for quite some time, and during the past two years I have been in Virginia. I have found much success after my business has been hacked and I will be paying to resolve my LLC. Before I do, I am wondering should I resolve my NC LLC or make a new one in Virginia? I have done two years of business of tax returns from North Carolina and all my accounts (shopping accounts, Shopify, Etsy, Ebay and Amazon) all have my NC LLC. It wouldn't be a big deal to change the LLC on these accounts, but I wanted to run this by an accountant before making my final decision regarding what LLC I should move forward with. Thank you!