Unanswered Tax Questions
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Federal Withholding Tax On My Pension
PA doesn’t tax pensions, but the federal government does. Roughly how much will the feds tax my pension? I need to know this in order to plan when to retire. This year? Or next year. Thank you very much for your assistance.
Asked Thursday, February 16, 2023 by Ron R.Sign in to Answer
Owed taxes
Do i owe any money to the irs?
Asked Thursday, February 16, 2023 by Ollen E.Sign in to Answer
Our daily pay fees tax deductible?
I use daily pay. It is a company that allows me to get my paycheck early. They charge $2.99 every time I make a withdrawal against my paycheck. Am I able to file those fees as a tax deduction?
Asked Thursday, February 16, 2023 by Danny C.Sign in to Answer
Unable to deduct all Mortgage interest paid.
Using TurboTax, I entered the amount of mortgage interest straight from my 1098. However, it is only giving me credit for approximately 15% of that amount. What would cause this difference?
Asked Thursday, February 16, 2023 by Merrily B.Sign in to Answer
Business Sale
Hello. I was basically handed this pet product company that a friend/associate designed/invented the product. I had started my own company (EIN) and had to rebrand with new logo etc, but we did have a contract that if the company grew exponentially she would receive up to $50k purchase price for the rights to the product, a little bit of inventory and the guaranteed sales that came with the product, and then with some residuals in royalties. Unfortunately it did not happen, but it has remained a great side gig and I have paid her about $8k over the last 6 years which I have classified as Royalties on the books. I am now selling the company, I reduced the price and it still has great potential for this buyer. The inventor/previous owner is still a good friend so I want her to receive 60% of the proceeds of the sale. I have made a some money on it the last 6 years, so she needs to be compensated and I plan to do so. My question is, what is the best way to record this on the books. The sale price is $25k. So I would receive $10k, former owner would receive $15k. But is no longer really considered Capital Costs is it? So how do we do this so I am not paying Cap Gains on $25k? Do I have the buyer cut two checks, one to my current company/me and one for $15k to the previous owner separately? Or is there a way to show on my books the $25k income from the sale offset by $15k? If I put it to Royalties as I have been will I still have to pay the Cap Gains on $25k? Thanks for you help!
Asked Wednesday, February 15, 2023 by Angela A.Sign in to Answer
Do Foreign Owners of US LLCs Selling Print-on-Demand Products Need to Pay Taxes in Both the US and their Home Country?
What are the tax obligations for foreign owners of US LLCs selling print-on-demand products to customers in the US threw Etsy, and do they need to pay taxes in both the US and their home country? As far i know, i have to fill both Forms 1120 and 5472, but i am not sure whether i am considered " engaged in US business ", therefore I'm not sure to who i should pay taxes to, US or my home country ( Portugal ), my country has a tax treatment with the US to avoid double taxination.
Asked Wednesday, February 15, 2023 by Diogo R.Sign in to Answer
Adjusted cost basis compilation to figure capital gains on rental
What costs can I use over the 40 years I owned?
Asked Wednesday, February 15, 2023 by Detta Mae S.Sign in to Answer
Retirement affecting child tax credit
I stopped working at this company 3 years ago and they notified me they were closing my retirement account and I would receive the money. Now my child doesn't qualify for the child tax credit since I received retirement distribution before age 59 , what can I do to get that CTC?
Asked Wednesday, February 15, 2023 by Neica Q.Sign in to Answer
1099 misc amount for consigners that I sell products for in my shop
I have a consignment shop. If I sell a consignees product in my shop for $1000 plus $40 credit card fee, and my consignment fee is $400, how much do I make their 1099 misc out for?
Asked Wednesday, February 15, 2023 by Armando N.Sign in to Answer
Shares match from another country - is tax withheld deductible?
I work for a company that matches shares purchased by myself after 3 years. I have received several matches. The company (RioTinto) shares are based in England, and the company sells a portion of my match (approx 40%) to cover the Taxes. Should I be deducting/claiming any of this (withholding???) taxation? Not sure I have the correct terminology.
Asked Wednesday, February 15, 2023 by Kevan E.Sign in to Answer