Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsClaim Gas and groceries and bills
Asked onSaturday, February 25, 2023 by LisaI don't own my own business, but was told I can claim my money spent on gas, groceries, and bills,etc, can I?
S-Corp Tax Filing
Asked onSaturday, February 25, 2023 by DesireeI 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.
What are the benefits of forming a sole proprietorship or LLC.
Asked onSaturday, February 25, 2023 by JPI 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.
RSP contribution
Asked onSaturday, February 25, 2023 by SaraHi, 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.
Impact of living trust on filing of taxes
Asked onSaturday, February 25, 2023 by PerryI 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?
S Corp Salary
Asked onFriday, February 24, 2023 by NELLIEWith 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.
Sale proceeds as beneficiary of irrevocable trust(personal residence) in Calif. I live in Wa. State.
Asked onFriday, February 24, 2023 by LeonardDo i file Calif income return for this sale? Is cost basis value on date owner died?
IRA withdraw affecting social security benefits
Asked onFriday, February 24, 2023 by MichaelI’m retired, not working, currently in 12% tax bracket. How much money can I withdraw from my traditional IRA without jeopardizing my social security benefits? I want to use money for home purchase. Thanks!
If i have not worked since September 2021 and only have social security as my only income do i have to file taxes?
Asked onFriday, February 24, 2023 by PauletteHow much would the taxes be on my land sale?
Asked onFriday, February 24, 2023 by KevinMy dad, two brothers, and I jointly sold some land. My portion is approximately 25K. I'd like to know how much I will owe in taxes for this sale. The land was sold in SC and I live in TX. I assume there will be federal tax but will there also be any state taxes?