Unanswered Tax Questions

Tax Filing Tips

1099

I do not know what to do about filing a 1099 in CT. I have a full-time job, married with two children. I do not file his household. A friend of mine owns a business and I help her on the side, she said she was sending me a W-2 so I could fill out a 1099. Can I file that alone?

Tax Filing Tips

Filing as an LLC

Hi! I'm filing as a business owner with an LLC for the first time, and I was wondering what kind of items count as a write-off toward my taxes? Are new office supplies seen as a business write-off? How about a new computer? I was also hoping to get advice on how to submit a quarterly report for my business to the IRS, plus advice on filing taxes from freelancing with multiple companies. I'm grateful for any questions you can answer! Thanks, Hannah Peterson

Where is My State Tax Refund?

Taxt return

I was wanting to see when I will be receiving my tax return

Retirement

Tax liability on ex-spouses retirement distribution I receive

I receive a monthly distribution from my ex-husbands retirement. I do not receive a 1099r in my name. He receives it. It is not listed as alimony in my divorces decree. Am I required to declare this as income and pay taxes on it?

Where is My State Tax Refund?

Where is mt tax refund?

Miscellaneous

Federal tax with holdings

I have noticed that if I enter in 6000 for claiming 3 dependents there is nothing being taking out for my federal taxes what should I enter or should I enter extra with holdings to ensure federal taxes are taken out so at the end of the year I don't end up owing.

Miscellaneous

I have a question of what to report

I donate plasma and I need to know if it needs to be reported and if it does can I get the child tax credit on it

Home Ownership

How to File Schedule E / Form 8582 When Rental Property Had No Income?

We moved out of state and put our home on the rental market at the beginning of August. To prepare for this we invested almost $30k in maintenance, fixes, etc, to get it ready. However, the rental market shifted and we were unable to rent the property before Jan 2023, and therefore have zero rental income. Even though we had no income, do we still need to file Schedule E in order to also submit 8582? Also, we're not sure which of the below expenses are actually eligible to carry forward as losses? -Replaced railing for safety reasons -Paint -Cleaning -New Oven -New HVAC Thanks, Jacob

Tax Filing Tips

Schedule K-1 Used Loan Proceeds to Contribute Capital

S Corporation Schedule K-1 used loan proceeds to buy an interest in, or contribute to the capital of, this corporation. I/we took out loans personally then took those proceeds and loaned them to the business to secure equipment. Loans are documented/secured with promissory notes that detail the equipment VIN numbers. Are we allowed to deduct the interest expenses we incur on those funds as the business made payments to us and the vast majority of the payment is then put towards the regular payments on the personal loans? How would that be documented if allowed? The tax software I am using gives instructions on how that could be entered but it is not very clear.

Credits

Why does a 1099 drop my refund

I rent land for farming and receive a 1099 for $1000. As soon as I enter that information, my refund automatically drops $461, and then I’m no longer eligible for the free filing. If I’m only making $1000, why is it charging me almost half in taxes? My regular job is not taxed to this extreme.