Unanswered Tax Questions
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Travel Nursing
I live in Indiana and have a tax home. I am a travel nurse that works in Michgan 13 weeks a year, 3 days a week. What state taxes should come out?
Asked Saturday, February 22, 2025 by Steven C.Sign in to Answer
Due dates anual tax filings LLC wyoming (non USA resident & no USA clients)
A couple of months ago i started a LLC in Wyoming (i am not living in the USA) and i was wondering when are the due dates for the annual tax filings? My LLC is not really active and is still in the early phases therefore i dont have a CPA. Could you advise me on the due dates, is there a certain date, is it counted from when the LLC was formed and will i be notified whenever i need to file my taxes?
Asked Thursday, February 13, 2025 by Henk d.Sign in to Answer
Question about early withdrawal penalties
I am thinking about rolling my Public School Employee Retirement System (PSERS) contributions to a traditional IRA. The rollover of the $32,737 would be tax free. PSERS rules requires that I start taking a pension to do this. This pension would be structured as an annuity and taxed at ordinary income. Since I would be taking the pension before the age of 59.5 would the pension payments also receive an early withdrawal penalty? Since the withdrawals are structured as an annuity would I qualify for an exception to the IRS early withdrawal tax? I want to confirm that this qualifies under this equal payments exemption: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions#:~:text=Generally%2C%20the%20amounts%20an%20individual,tax%20unless%20an%20exception%20applies
Asked Tuesday, February 11, 2025 by Stephen P.Sign in to Answer
How to Handle the Regular Sale of Personal Items on eBay
Hello! I am a bit confused how to go about the correct way to account for personal items sold on eBay. I run a a small home-based business where I consistently offer for sale and frequently sell personal items from our own home (28+ years) and my mom's home (50+ years). Over this long time we both have accumulated lots of stuff! I have no idea how much these items cost when acquired, or even when they were acquired. I am wondering: 1) Since I regularly engage in selling personal items (I also have business inventory purchased for resale and between the two I have over 3,500 listings), I am assuming I need to include these items as inventory when I place them up for sale. Is their cost then FMV? 2) Also, since I regularly sell these items, I am assuming they wouldn't fall under the sale of personal property, per se, since my intent is to engage in business and make money and they are in fact part of my business sales and show up on my 1099-K? 3) If I do place these items in inventory, I am assuming, since I have no idea what their original costs were, that I would never make a profit on them as their cost will be what I sold them for (FMV)? For example: I list a used coffee pot for sale on January 1st on eBay for $19.95 based on competitive pricing. I sell it on February 14th for $15 as I accepted a best offer. I can use the $19.95 as cost (FMV) and record the sale at a $4.95 loss because it is a business transaction. Is that correct? I am so confused!
Asked Saturday, February 01, 2025 by Laura G.Sign in to Answer
there is an over accrual that is still sitting in the liability for three years now.. if i want to reverse should I use relevant expense account?
there is an over accrual that is still sitting in the liability for three years now.. if i want to reverse should I use relevant expense account?
Asked Monday, January 27, 2025 by Sasha L.Sign in to Answer
The Eligibility of Purchasing a "Gaming" Laptop With a 529
Hello! I'm seeking advice about my laptop purchase for college. At the moment, I'm looking into purchasing a gaming laptop for it, as it should be able to hold up performance wise over the next several years as I battle it out in college. My question: could I buy a gaming laptop with a 529 for this purpose? Would it be eligible? One reason why I'm fixated on buying one is that I'm planning on taking online college, so of course a laptop would be necessary. The other reason is I'm not sure what to major in, so if the major (or maybe I change a couple times) I choose involves serious performance, I want to be ready for it. Lastly, I'm wanting something powerful for 1000 or less, and do not want to replace the laptop for a long time. I appreciate your response in helping me!
Asked Saturday, January 25, 2025 by Joe M.Sign in to Answer
Adoption credits and reimbursements
I hope you're doing well. I have a tax question about adoptions last year. In 2024, I had both a successful and a failed adoption. Can I claim both as separate children/adoptions for tax purposes? I've heard mixed reviews—some say it's okay but might trigger an IRS audit. Others say with the right documentation, the IRS won't have an issue. Could you give me some guidance on this? Thanks so much for your help! Ben
Asked Monday, January 20, 2025 by Ben K.Sign in to Answer
Out of country medical deductibles
Spouse had stem cell therapy done outside of the country, Panama, which we paid out-of-pocket for. Is this deductible on our taxes. If so, what paperwork will we need in order to file?
Asked Thursday, January 16, 2025 by Shay V.Sign in to Answer
ax Guidance for My U.S.-Based Dropshipping Business
Hi, I’ve recently started a dropshipping business in the U.S., but I currently live in Turkey. My LLC is registered in New Mexico, and I source products from China to sell to U.S. customers through Shopify. So far, I’ve made only two sales, but I plan to scale the business quickly. I want to make sure I fully understand my tax obligations and comply with all requirements. Could you help me with the following: When and how do I need to pay taxes (sales tax and income tax) for my business? Do I need to register for any permits, such as Gross Receipts Tax in New Mexico or sales tax in other states? What records should I keep, and what steps should I take to remain compliant with U.S. tax laws as a non-resident? Your guidance would be much appreciated to help me manage everything properly as I grow the business. Thank you!
Asked Tuesday, January 14, 2025 by Gursu T.Sign in to Answer
Annual Federal Tax Problem
Hello, I opened an LLC company with your service and earned a net profit of $42.61 this year. I do not have an ITIN or Social Security Number, and I would like to pay my annual tax using my EIN. Could you please guide me on how I can do this? I need your assistance. Thank you!
Asked Saturday, January 11, 2025 by YUSUF EMRE E.Sign in to Answer
