Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsRetirement Bonus/IRA
Asked onTuesday, January 23, 2024 by KenI retired on 12/31/2022. I received two payments in 2023 from my prior employer (Bonus in March of 2023 and Deferred Tax Distribution (Non qualified plan) in June of 2023. I am 58 and had no other earned income in 2023. Would either of these payments be defined as earned income in 2023 to all for a IRA contribution (including tax deduction)?
Question regarding 1099 NEC
Asked onTuesday, January 23, 2024 by AnjaliHow should I handle the tax filing process for a consultant who provides services to a company, has been invoiced in their books, but does not report taxes personally?
I need to find a CPA in Nevada that understands Virigina Capital Gain Tax.
Asked onTuesday, January 23, 2024 by MichaelI have to pay capital gain taxes to the state of Virginia due to a small inheritance and I don't know how to go about it. I gave some away to charity and only made $20194.00 last year between work and social security so I know I'm OK on the Federal side of things.
illegal immigrant tax
Asked onTuesday, January 23, 2024 by CynthiaI am looking for a CPA in Illinois to help an illegal immigrant pay taxes. We live near Springfield but are willing to drive to get a CPA to help.
4-way LLC profit sharing involving 2 members and 2 "major contributors"
Asked onMonday, January 22, 2024 by FredericHow do I legally handle 4-way profit sharing involving 2 members and 2 "major contributors." The company is a Texas multi-member LLC with 2 managing members (50% ownership each) and 2 individuals who will help out as they are able but don't want the obligations and responsbilities of membership. I'm hoping for revenue to be divided as follows: 20% in a tax account, 30% for operations, and 50% as a distribution split equally between the members and major contributors (25%-25%-25%-25%).
Europeans LLC Propsal for a 50/50 partnership
Asked onMonday, January 22, 2024 by DenisHi wanted to open a company with a friend of mine from overseas. We came to the conclusion WY is propably the best place, wanted to check with people here before consulting an accountant. After some initial brainstorming, we have considered the following structure: - P1 Overseas (foreign) - P2 Overseas (foreign) - P1 Real Estate LLC - P2 Real Estate LLC - USA LLC (50/50 split, agency) - P1 Holdco LLC - P2 Holdco LLC Questions 1. Our intention is to draw a minimum wage via billing on the overseas companies (P1 and P2 Overseas), which seems to be the norm for overseas LLC owners? 2. Our key question revolves around the process of billing the USA LLC and via P1 and P2 Real estate, subsequently acquiring property pre-tax, is this allowed even though the Real estate has not much to do with the USA LLC (which will be a design agency)? 3. Are we allowed to invest (trading account) and buy real estate as EU citizens via the Real estate LLC? 4. Is it only reserved for US citizens / equivalents that they can refinance the properties and pull out cash in this way? 5. Additionally, we are contemplating introducing a holding company, wherein it would hold 50% of the LLC and 100% of the real estate company for each of us + to protect our assets separately. 6. Is this a feasible / legal structure and how much would we need in revenue before this would be beneficial? 7. Additionally, how much would it cost on an annual basis to file the taxes for the whole of the above structure (if feasibl
Where to put cost of item on schedule c
Asked onThursday, January 18, 2024 by MichaelI sell coins and currency on ebay and would like to know what field do I put the item cost in. Is it materials and supplies? e.g. I sell a 1 dollar bill for 2 dollars on ebay. Do I put 1 dollar in materials and supplies?
form 42-1
Asked onThursday, January 18, 2024 by ElitsaHello, I have an american company based in WY. I did not have any sales last year, but I want to have an accountant so my company to be in good standing. I also need to fill out form 42-1 by the end of the month. Kind Regards! Elitsa Lazarova
One LLC or Two LLCs?
Asked onWednesday, January 17, 2024 by MARKMy wife and I work as self-employed dance instructors but work at different studios. We live in Maryland. This is my wife's only source of income, whereas I also have a full-time (salaried) job. We're looking to take advantage of the tax help provided by LLCs, but should we set up one LLC for the two of us, or should we set up one for each of us? I make around $80,000 p.y. at my FT job and around $3,000 self-employed teaching, while my wife tends to Max out at around $20,000.
Maximum Write-offs in state of Missouri via small business
Asked onTuesday, January 16, 2024 by DanielWhat is the maximum one can write-off against their small business as an individual in the state of Missouri? The business revenue is between 5 to 10k annually.