Unanswered Tax Questions

Health Care

Used equipment/asset depreciation

I bought a business that included dental lab equipment. The majority of the equipment is 8/9 years old. When factoring that in as my assets how do I come up with a value and incorporate depreciate since it was purchased depreciated.

Deductions and Write-Offs

Deduction for gifts to adult child with a disability

My adult child receives Federal Disability Income. If I gift him $5,000, can I claim it as a deduction?

Payments and Penalties

Income tax on payment

Hello, We are planning to buy fence for home backyard for 10 home together from direct manufacture. So total costing is around 25k. And manufacturer want payment from one account. What happen if all 10 people send their contribution to single individual account and do payment through that one account. That individual account holder face any taxation issue?

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