Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsLarge Donation To My Own Nonprofit
Asked onThursday, December 07, 2023 by ChristopherI run a very small nonprofit (less than $10,000/year for two years). I would like to donate $50,000 of my inheritance, which I received in 2023, to my nonprofit. When is the best time for me to do that (for a tax credit)? When is the best time for my nonprofit to receive it (to not disturb bookkeeping/avoid tax issues)?
Can i claim CCA and deduct lease payments in the same year ?
Asked onThursday, December 07, 2023 by SamiI bought out my leased car in June (which i use for business 80% of the time). I'm wondering if i can deduct the lease payments from january to june and claim CCA for the remainder of the year). I'm aware that one cannot deduct lease payments and claim cca simultaneously. thanks!
Real Estate Partnership depreciation
Asked onThursday, December 07, 2023 by LeeI was wondering if real estate depreciation losses can be used to offset Roth Conversion taxes. I would like to do IRA to Roth Conversions and will have significant real estate depreciation losses. Would these losses be able to offset the tax liability for the Roth Conversion? Thanks!
Claiming missed depreciation /
Asked onThursday, December 07, 2023 by PaulI didn't claim depreciation on residential rental property (10 yrs) Is there a limit with form 3115 ? How many years can a trust carry the loss forward ?
1099k and W2g
Asked onWednesday, December 06, 2023 by Brandon1st I have birth of $5,000,000 that will show up on a 1099k from PayPal of that an estimation of $280,000 will be income. Is there a form to file (maybe opptional) that explains this to the irs so I don’t have to be audited or deal with correspondence. Because I’m a professional gambler so most of that money is my own money being cycled repetitively deposited into a site and then withdrawn out etc.
Car Wash Accounting Question
Asked onWednesday, December 06, 2023 by AliciaCar wash bookkeeper here. Client owns a car wash that has change machines and started out with about $3k in quarters that has not been accounted for in the books. They have a POS system that tracks all sales, including cash sales. How do I account for the $3k in quarters that was included in the purchase of the car wash, as well cash that is collected from the machines that is over and above what the system has recorded for sales?
New business or old business
Asked onTuesday, December 05, 2023 by AlishaHello, I currently have a property management company. I’m wanting to start digital marketing and online retail store. Can I place this under my old business name or should I get another company and EIN? Thank you so much for your time.
S Corp distribution
Asked onFriday, December 01, 2023 by WalterI have excess cash in the business. Over and above this year's profit. How can this legacy cash be distributed. It's profit that has been left in the business. I'd like to pull some of it out and into a personal HYSA.
which state sales tax i will be charging my customers if I (Non US resident) have LLC in Wyoming and virtual office in California?
Asked onThursday, November 30, 2023 by Akshayi want to know how do i charge my customers sales tax and when to file tax report
MAGI And Roth conversion
Asked onWednesday, November 29, 2023 by jamesDoes a roth conversion count in your MAGI, i know it contributes to the AGI but how about to the MAGI? This would impact how your income is viewed for healthcare subsidies and other programs.