Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsWhere 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.
Need to file tax forms and close my EIN
Asked onTuesday, January 16, 2024 by PilarHi, We recently dissolved my LLC. We created it in the state of Florida in April 2022. But, we did not have any activity, nor income, with it. Do I need to file taxes? I think I need to file tax form 1065 and close my EIN. Can I get help to do this? Do I need to do anything else to have everything in order with the state? Thanks, Pilar
Question about Tax issues.
Asked onTuesday, January 16, 2024 by AaronI have a question that will be in 2 parts. 1- I will be doing Real Estate Wholesaling and Investing in FL, my llc is registered in New Mexico. Can I do that or do I have to register my llc in FL as well? also I'll be having an office in Jacksonville so we can work from 2- How much tax should I pay for New Mexico for a nonresident who owns a business operating from New mexico in total? including the tax income and the state tax How much tax should I also pay in FL if my business is operating in FL and New mexico? in total. if my monthly revenue is somewhere close to 107,500 USD. Thank you!
2020 Auto Depreciation Sec 179 - Bonus - MQ4 MACRS DDB
Asked onMonday, January 15, 2024 by JulieHi - I need help depreciating a 2020 auto purchased in Dec 2020. Let's say it cost $25k. We used the $10,100 Sec 179 max and bonus depreciation $8k in 2020. I have the limits for the following years but unclear on how to calculate years 2 and later using MACRS DDB MQ4 convention. I don't just want the answer, I want to know how to calculate it, as in, in a chart/example or something. Thank you!
Write off
Asked onMonday, January 15, 2024 by MichaelI wanted to know if there is anything that can be written off as an expense as a day trader without an LLC or s corp.
Home sale tax question
Asked onSunday, January 14, 2024 by felixI live in SC i am married and file my taxes as married filing jointly if i sell my primary residence that i have lived in for 20 years for $350,000 (I bought it fo $150,000 20 years ago), is the $200,000 free from capital gains taxes?
2024 Federal Tax Credit for Electric Trucks
Asked onSaturday, January 13, 2024 by Erin ElizabethHello, can you please tell me if an LLC has no net income can they still receive the 2024 tax credit incentive for electric trucks (up to $40,000), effectively receiving money from the government? Our LLC is only owned by my husband and myself. It is a pass-through LLC and presented on our personal tax returns. If net income was made, it would be presented on our personal tax returns. Can this credit be taken and reduce/increase our total personal tax return? Thank you!