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Unanswered Tax Questions

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Investment and Finance

Avoid Paying Estimated Taxes?

If I have never filed for taxes and I’m a us citizen would I be required to pay estimated taxes or avoid it till next year. In addition, would I be then able to reinvest my capital gains while avoiding paying estimated taxes.

Asked Wednesday, April 14, 2021 by Jose A.
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Home Ownership

If someone gifts me a downpayment, do they owe taxes on that gift?

I read that the annual cap is 15,000, but the lifetime exclusion is in the millions. What does this mean, in practice? If my mother gives me $300k for a downpayment, does she have to give up a massive percentage of that money? Or, because $300k is safely under $11M or whatever, is she in the clear as long as she declares is?

Asked Tuesday, April 13, 2021 by Rose D.
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fidelity bond increased by 300% in my union

I belong to a union with 15k members. Every year we must file a LM2 with the DOL. After the end of our fiscal year 12-31 we have a CPA audit our books and the results are used to file the LM2. However in 2020 our usual CPA did his audit in June 2020 and another CPA did the end of fiscal year audit. The really interesting think is that our fidelity bond has been set at $500,000 for the last 5 year but in 2020 it was increased to $2,000,000. Of course I have requested access to the books but that will be a fight that will be long and protracted. Anyone have any idea what would cause the increase in the fidelity bond? Thanks

Asked Tuesday, April 13, 2021 by michael w.
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Methods to accept Rent for my rental Property Under my LLC

Hi thanks for your time! I have a rental property/house under my new LLC. I used paypal/Venmo to accept rent before I had My LLC. Am I required to create separate paypal/Venmo now that I have my property under my LLC? Thanks!

Asked Monday, April 12, 2021 by Anh t.
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Small Business

PPP Loan

Hi. I have received funding for my PPP loan into my existing business account. I would like to use that money as owner's compensation share to pay myself. Should I transfer the money directly into my personal checking or should I create a separate account for the PPP loan first and then pay myself?

Asked Thursday, April 08, 2021 by Alwin C.
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Hello I was wondering if moving to florida will save us alot of money. We live in michigan now. I am a federal worker will be getting a pension and have TSP. Thanks

Asked Wednesday, April 07, 2021 by Shannon p.
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Small Business

Equipment Expenses (GPU Cards)

I am considered a "crypto currency miner hobbyist". I am interested in growing operations and believe forming an LLC to expense equipment makes better financial sense. However, I am not a tax professional. I would like to confirm that before making additional investments that I could write off computer equipment (specifically computers and graphics cards) can be written off as a business expense.

Asked Wednesday, April 07, 2021 by anthony l.
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Business Formation

S Corporation

I am an UberBlack driver. Uber requires all UberBlack drivers to register a corporation. I couldn't afford to hire an expert. So I registered an S Corporation without knowing the differences betweenS Corporation, C corporation, and LLC. When I filed my taxes, I just paid myself with 1099. I keep getting conflicting advice that I should pay myself with W2. My net income after expenses is only $22k. Am I in trouble? if so, How could I fix it? Thank you

Asked Tuesday, April 06, 2021 by Alex A.
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Deductions and Write-Offs

Meal Deductions

I just met with a new tax professional and was told that every meal I ate out should be deductible because I would have taken a work call or text or email during the meal so it is a working meal. Is that correct?

Asked Monday, April 05, 2021 by Brandon W.
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Business Formation

State Tax Implications for a C Corp Holding Company

We are in process of forming a Holding Co in FLORIDA using a C Corp status. We will have 2 subsidiary operating companies under the Parent co. We want to make sure we understand what we can be taxed on with the Holding Co. We understand the subsidiaries will stand on their own for taxes, incomes, etc. So, in other words, the Parent Co will not be operating anything at all. But, if we move monies earned via the subsidiaries to the Holding Co., is Holding Co going to be taxed on that? We won't have actual assets, or any real property. We are in sales (with no inventory).

Asked Monday, April 05, 2021 by James T.
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