Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsWill we qualify for child tax credit with our combined income $60,000?
Asked onWednesday, December 27, 2023 by AmberWill we qualify for child tax credit(we have 2 children). We made $55,000-60,000 combined income
Is there a tax credit or an adjustment to my taxable income from a (SSI) overpayment repayment to the (SSA) 20+ years. No, this amount is NOT recorded in Box#4 on SSA-1099
Asked onTuesday, December 26, 2023 by JessicaHello, for the past 20+ years we have been repaying back (SSI) benefits to the (SSA) for an overpayment 20+ years ago. Is there a tax credit or an adjustment to my taxable income amount for this overpayment? I found this online: If you have overpaid the Social Security Administration (SSA) for Supplemental Security Income (SSI), you may be eligible for a tax credit. According to the Program Operations Manual System (POMS), the American Taxpayer Relief Act of 2012 (ATRA)
Wire Transfer Proceeds from China Property Sale
Asked onTuesday, December 26, 2023 by GaryI received a wire transfer from a China relative who is a Chinese-national, as part of family property sale. Amount is $25,000. I am a U.S. Citizen. Do I need to report this to the IRS?
1099 payment write off
Asked onThursday, December 21, 2023 by CharlyI want to pay a former employee who helped me build my business, $10k and 1099 him. Can I write this off against my business income? I am an S corp.
Can I deduct legal fees spent ensuring my trustee is doing his fiduciary duties?
Asked onWednesday, December 20, 2023 by JulianI have spent a significant amount in legal fees this year to ensure that my trust fund's trustee is adequately performing his fiduciary duties. As a result of this work, I have been able to withdraw a significant portion of my trust. Are these legal fees tax deductible?
Child tax credit
Asked onWednesday, December 20, 2023 by DanielleIs there a minimum income requirement to get the child tax credit in 2023? I have 3 qualifying children and have only earned about $600 (in Minnesota).
Would like to buy a car for my business
Asked onWednesday, December 20, 2023 by ShahabI have a new LLC for my realty business with no income currently. However, I have a w2 job where I make 500k. I want to purchase a vehicle or my business LLC. Can I deduct this pretax from my w2 income?
Transferring profits and expenses to LLC
Asked onTuesday, December 19, 2023 by AbhijitHi, I am a resident of California. I started trading forex earlier this year. I have earned profits and incurred expenses. I qualify for the trader tax status. I recently started S corp LLC in Wyoming. Can I transfer my profits and expenses before starting the LLC to the LLC for 2023 tax returns?
Where best to file a PLLC: NY or NJ?
Asked onMonday, December 18, 2023 by JingnaI am a psychiatrist starting a solo private practice seeing patients in both New York and New Jersey. Where would it make the most sense from a financial standpoint to file my PLLC?
Married Filing Jointly with an EIN?
Asked onSunday, December 17, 2023 by ElijahI am a sole proprietor (therapist) but have always filed jointly with my husband. This year I want to get an EIN so I can open up a solo-401k. Can I still file jointly even with an EIN?