Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Adoption credits and reimbursements
I hope you're doing well. I have a tax question about adoptions last year. In 2024, I had both a successful and a failed adoption. Can I claim both as separate children/adoptions for tax purposes? I've heard mixed reviews—some say it's okay but might trigger an IRS audit. Others say with the right documentation, the IRS won't have an issue. Could you give me some guidance on this? Thanks so much for your help! Ben
Asked Monday, January 20, 2025 by Ben K.Sign in to Answer
Out of country medical deductibles
Spouse had stem cell therapy done outside of the country, Panama, which we paid out-of-pocket for. Is this deductible on our taxes. If so, what paperwork will we need in order to file?
Asked Thursday, January 16, 2025 by Shay V.Sign in to Answer
ax Guidance for My U.S.-Based Dropshipping Business
Hi, I’ve recently started a dropshipping business in the U.S., but I currently live in Turkey. My LLC is registered in New Mexico, and I source products from China to sell to U.S. customers through Shopify. So far, I’ve made only two sales, but I plan to scale the business quickly. I want to make sure I fully understand my tax obligations and comply with all requirements. Could you help me with the following: When and how do I need to pay taxes (sales tax and income tax) for my business? Do I need to register for any permits, such as Gross Receipts Tax in New Mexico or sales tax in other states? What records should I keep, and what steps should I take to remain compliant with U.S. tax laws as a non-resident? Your guidance would be much appreciated to help me manage everything properly as I grow the business. Thank you!
Asked Tuesday, January 14, 2025 by Gursu T.Sign in to Answer
Annual Federal Tax Problem
Hello, I opened an LLC company with your service and earned a net profit of $42.61 this year. I do not have an ITIN or Social Security Number, and I would like to pay my annual tax using my EIN. Could you please guide me on how I can do this? I need your assistance. Thank you!
Asked Saturday, January 11, 2025 by YUSUF EMRE E.Sign in to Answer
About tax
Hello, I am doing the dropshipping business model on Amazon and I need to make an annual tax declaration. I am an LLC company owner and in the state of New Mexico. I need help filing annual taxes in NJ.
Asked Saturday, January 04, 2025 by UGURCAN K.Sign in to Answer
Ohio Tax Payable
if in the previous years, the accountant recorded Accounts Receivable (debit) $120.00 Installation Income (credit) $100.00 Ohio Dept. of Taxation Payable (credit) $20.00 If this is the original entry and I want to reverse Ohio Dept. of Taxation Payable in the amount of $20.00, what is the adjusting journal entry?
Asked Friday, January 03, 2025 by Charlie R.Sign in to Answer
Taxes as a non-US resident
I have been looking into starting an LLC in the US, probably in either Wyoming or New Mexico. I want to know how my taxes would look like as a non-US resident operating the business from outside the country. My LLC would be selling a software for photography businesses. From some sources, I read that I would only be taxed on US-sourced income. For example, if I were to start the LLC in New Mexico and had customers all over the US, would I pay taxes for these customers? Would there be difference between customers in New Mexico and other states in the US? Would I have to pay taxes for any customers from Europe for example? Since my country has a tax treaty with the US, I can avoid being double-taxed as well? Thank you for your time
Asked Saturday, December 21, 2024 by Mohamed S.Sign in to Answer
standard deduction
As a senior with no major interest income I was glad when the sandard deduction was renewed Is it going to stay with Trump. Filing all those small interest claims was a nightmare
Asked Monday, December 16, 2024 by MICHAEL I.Sign in to Answer
Annual Return
Looking for a tax professional with expertise in filing annual returns for a foreign-owned disregarded LLC. Specifically need assistance with compliance for Form 5472, Form 1120, and related IRS requirements. Please share your services, fees, and required documentation.
Asked Friday, December 13, 2024 by Yatin K.Sign in to Answer
Closing an LLC and selling assets to one partner - what are the IRS tax implications?
How do I close an LLC that has never generated a profit and sell the primary asset to me as an individual? What are the IRS tax implications? A partner and I created an LLC to purchase and flip houses during COVID-19. We registered as an LLC in another state (with an S-corp election with the IRS) and bought our first fixer-upper house in 2021, intending to flip it. We made some material improvements and had some ongoing expenses which were capitalized and deducted from our tax returns using an 1120S, resulting in a loss each year for that LLC. This loss was passed to us on a K1, reducing each partner's taxes proportionately. To use round numbers, we purchased the house for $150k; we had expenses of $15k, $12k, and $10k in 2021-23. It was never put into service, so there is no depreciation. We will also not consider that the house improved in market value since this increase is minor. We will shut down the LLC after this one asset is sold or transferred to one of us. The IRS certainly has some rules about these asset transfers to avoid abuse, but it is unclear where to look. Could I sell the house to me from the LLC at the original price ($150k)? Or at the price of the house ($150k) plus the material improvements (let's say these are $20k) = $170k? Or for $1? Or another value that makes sense? What are the steps necessary?
Asked Thursday, December 12, 2024 by Christopher H.Sign in to Answer
