Unanswered Tax Questions

Personal Taxes

Are after tax contributions to Trad IRA subject to RMD and how is it taxed?

Traditional IRA has a sizable Required Minimum Distribution. Form 8606 shows basis pre and post tax, right? So when RMD is taken, the distribution report from the custodian isn't going to show what was pre and post tax. So how is the distribution reported for taxes? Is the full amount taxed? Is the portion of post tax contribution even subject to RMD? If not, that would affect the calculation of RMD. Don't want to pay tax twice!

Tax Forms

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Small Business

Tax-Free Restructuring or Sale of Foreign Subsidiary and Dissolution of US Parent Company

Hi there! On behalf of a business client, I am looking for a tax expert who will advise us from a US perspective on the pros and cons of different options regarding a potential tax-free restructuring or sale of a foreign subsidiary and dissolution of US parent company. Happy to provide more information by email.

Tax Filing Tips

Full Time and Part Time Job Tax Filing

I have a full time job and part time job doing freelance work. How do I file my taxes? Also, can I have write offs if I buy equipments for a home office for my part time freelance job since it is remote?

Tax Forms

S corp didnt issue payroll

Hello, So this is my first year (2023) as an S corp and I failed to issue any payroll. I just paid myself through distributions. I was mistakenly under the impression that I could 1099 myself at years end and that would be my "reasonable compensation". Seeing as its now Jan 2024 is it too late for payroll, should I 1099 myself? Thanks all.

Small Business

SSN to LLC liability

if i were to open a business under someone else’s SSN and then later on switch it to an LLC under my name who would be responsible for taxes at the end of the year

Tax Forms

How do indicate location on 1099-NEC

I need to file a 1099-NEC for a contractor that we have. Our company was located in Florida where the contractor lives and works. At the end of September, we moved to Georgia. The contractor still lives in and works in Florida. How do I file the 1099-NEC so it does not make it look like the contractor earned income in Georgia, where we are now located?

Small Business

Do I need a Connecticut state Tax id number if I already have a Federal ein number?

Tax Forms

1099 to Owners For both Vacation Rentals and Long Term rentals

I am a property manager that deals with both vacation rentals and long term rentals. I am trying to find out the proper way to file the 1099-Misc form to the owners. Do I file the gross amount of money collected for the property and file that under "Rent" on the 1099 or do I put the amount that i actually pay the owner out (Minus property management fees, Airbnb fees, maintenance ....etc) . Thank you

Deductions and Write-Offs

Aspiring Content Creator Wants to Write off Laptop Purchase

Hi! Thank you for your time. I’m a full time (40hrs a week) W2 employee in NJ. As a side hustle, I want to start creating content for social media. My laptop, which I am allowed to use by my employer when I WFH during my W2 job, is very old and I’m thinking about upgrading. My employer will not pay for it, will not reimburse me. I use my laptop when I WFH for about 16hrs a week. If I start my side hustle, can I write off my laptop, would it have to partially be written off? Since I use it when I WFH it won’t be used 100% for my side hustle but it will be used to edit pictures and videos for said side hustle. Can I still write it off even if I don’t make money on my side hustle yet? How would that work?