Unanswered Tax Questions

Health Care

IRS l9st payment

We hire an accountant to do taxes. IRS has cashed and then lost our payment to them and are demanding payment. Who pays our accountant for his time to straighten this out

Miscellaneous

LLC Selection

I am setting up an LLC in Colorado, I am sole proprietor for now but expect to take on partners, what type of LLC would be best for my situation to keep me protected

Personal Taxes

Do I pay income tax on a car that my employer gives me

Retirement

RMD - QCD

I have a SEP IRA and a traditional IRA and will need to start making RMDs next year. Ideally I would like to send some of my RMD as a QCD to my church. Since I am still making contributions to my SEP IRA the RMD will need to be made from my traditional IRA which has not had any contributions made to it for many years. However since I have been making deductible contributions to my SEP after the age 70 1/2, does my QCD have to lowered by those contributions? An article I read from Lord Abbett says contributions made after 70 1/2 made to a SEP IRA are exempt from what is called the "anti-abuse" rule. However my Chas Schwab rep tells me his info says any deductible contributions made to any IRA made after 70 1/2 would lower the QCD amount. I'm looking for guidance on this issue. Thank you.

Small Business

Inquiry regarding tax status of CFD FX trading

Is a Florida based LLP owned by non-US residents liable for tax in the US for CFD FX daytrading? If yes, at what rate considering the owners of the LLP are in a country that does not have a double taxation treaty with the US.

Personal Taxes

1042-S form federal tax withheld tax return

Hello I have got few 1042-S forms from casino due to jackpot winnings and federal tax was withheld with them. Can I get tax refund from irs on 1042-s. I am working on h1b visa in usa

Personal Taxes

IRS wants back full refund on 2022 taxes

I filed my 2022 taxes with TurboTax I was not aware that they have removed the i9 form for unemployment wages. The IRS accepted and approved my refund. 4-5 months later they sent me a letter saying that I had to pay back my entire refund. They never notified me of a mistake in my tax return only sent me a letter when I needed to pay them the entire refund. Im wondering if I can take this to court to have it fixed? I’m located in New York

Personal Taxes

Filling status

I am married but separated with a child. Been separated for over a year. What status can I file? I will be claiming the child on my taxes. I live in NC.

Bookkeeping & Write-up

CPA & Accounting Charges

If I open an 1 member LLC and what are the monthly, Quaterly, annual Charges to be paid apart from Tax to government? Expected annual turnover will be 10-20K USD per year

Personal Taxes

Need Help with income made on eBay + inheritence

I inherited a large video game collection from a non-blood related person earlier this year. There were no documents, I was just given the items by her surviving wife. I also have been unemployed for about half of this year. I have since taken that time to sell the items on eBay. I am unsure how best to go about taxes on this since my situation is a bit unique. Am I considered self-employed because I have spent the last 3 months listing and selling all of these items on eBay? I plan to return to work after the first of the year. So far, I have made about 26,000$ (before all fees on eBay are deducted as well as shipping fees) How do I determine what I need to save for taxes? Is it all capital gains since I was given most of the items I have sold, or do I need to evaluate how much each item was worth at the time I got it in February vs. how much I sold it for in say, September? Can I deduct all of the packing materials I have had to pay for, as well as shipping that I covered? What about shipping the buyer paid for but is included in my final value on eBay? Can I deduct the computer & printer I use for doing all of this? Can I deduct a wage for my time doing this? Any info you can provide me with on what all I should have by the time I go to file my taxes would be much appreciated!!