Unanswered Tax Questions
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Capital Gains Tax (CGT)
Good morning, I have miscalculated my Capital Gains Tax (CGT) and applied the' more than 12 months holding' not the 'up to 12 months holding'. As such, my tax bill will become 2x what i had provisioned for. Come tax time when i submit my tax return i was curious what the consequences will be? is there a way to pay half (the amount i had provisioned for) then go on a payment plan? Thanks Ed
Asked Monday, March 11, 2024 by Ed P.Sign in to Answer
aca payback after receiving inheritance
1. married filed joint 2022, I’m 65 spouse is 68. 2. spouse receives SSI of 26,000.00/yr. I do not receive any payments from SSI or pension. 3. I used ACA for January-April 2023 then turned 65 in April and enrolled into Medicare 4. Inheritance received in June 2023 in the amount of 49,000.00. 2023 AGI est is 86,000.00 5 That causes a repayment of $2440.00 from ACA. Is there a way to show a schedule that says since inheritance was rec’d after enrollment into Medicare – the credit that was applied in the first 4 months should not have been removed?
Asked Monday, March 11, 2024 by Jeff I.Sign in to Answer
Taxes related to 2023 - foreign-owned corporation
Hello, I would like to know if you provide services to assist with tax declaration related to 2023. My LLC is considered a foreign-owned corporation because I am not a US citizen. If I understand well, I need to file a 5472 + 1120 Proforma (Foreign ownership of a US company) - is that correct? I will be kindly waiting for your reply. Thanks.
Asked Sunday, March 10, 2024 by Juliana R.Sign in to Answer
Tax forms for Foreign Owner
Hi there, I was reside in the states until last year under a work visa and from 2021, I have established an LLC with a US citizen. Since 2023, I officially moved out and back to my country, Indonesia. For this upcoming tax year, what forms do I need to file now that I move out the country? In the past, I filed 1065 and K1. Thanks.
Asked Saturday, March 09, 2024 by Yuliana W.Sign in to Answer
Tax liability when LLC terminate
I established an LLC in October last year and terminated the company in March this year. The company has been inactive for the past period and has no revenue, expenses, or bank accounts. Do I still need to file a tax return with the IRS?
Asked Friday, March 08, 2024 by Jackie Z.Sign in to Answer
New clients
To whom it concerns: Do you accept new clients in order to get my taxes done? I am married and file jointly. How much do you charge to do my taxes? Please let me know. Sincerely, Catherine Molineux
Asked Thursday, March 07, 2024 by Catherine M.Sign in to Answer
BUSINESS FORMS REQUIRED FOR MY TAX FILING
I am a Single Member LLC in NJ. I did not file taxes because no revenue was made on my business and I was informed not. I did not file for 2022 & 2023. Do I need to still file for the those years? What documents do I need to file? My business is registered in the state of New Jersey.
Asked Thursday, March 07, 2024 by ALLISON R.Sign in to Answer
Old expenses
I just officially filed paperwork as an llc (beginningof year). I primarily resale clothing and have old inventory from purchases made many years ago (may or may not have intended to sell at the time). I am wondering if it's worth it to list them for sale or deduct as a loss. Many items are older purchases that I likely do not have receipts or statements anymore. - Can I still sell them and if so, and do not have the receipt and or debit/credit card statement, how do I expense them? And should I expect to get taxed for the net amount of the sale at today's cost? - Is there a way to calculate amortization for items more than a year old (with or without the receipts)? - What is the impact of writing them off as a loss if I choose to not sell and do not have the receipts/statements? Thank you.
Asked Thursday, March 07, 2024 by Diane D.Sign in to Answer
requirements for hiring my child via sole prop
My single member LLC does not run a payroll system. My 15 yr old child was hired with clear job description, time sheets and over the span of 2023, he was paid from LLC’s bank account directly to his personal bank account. He earned less than the standard deduction amount. He did not get a w-2 nor a 1099. Is it ok for the LLC (single member is parent) to direct deposit to child’s bank account without a payroll system? Additionally, can I show the child wages deduction on my tax return as “outside services” on schedule C without having filed a w2 or 1099?
Asked Thursday, March 07, 2024 by MJ B.Sign in to Answer
IRS tax filing (Form 1065)
Hello, My name is Obiora Obunike Umennaesie, I am not within the jurisdiction of the US. We just registered LLC on the 12th of January 2024 on Nonresident status. We are expected to file Form 1065 on the 15th of this month but unfortunately our scheduled business start date for 1st of February has been on hold. We do not have business activities going on yet business we are still working our facilities. Please, in order not to go against the regulations of the IRS, I need to know what we need to do. What Form do we need to file? Thank you in anticipations of your responses. Faithfully
Asked Thursday, March 07, 2024 by Obiora Obunike U.Sign in to Answer