Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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State Taxes (Living in one state but employed in another)
Good morning, I recently relocated to Colorado but work remotely for two schools in Texas. One school has asked me to reach out to a tax specialist to try to clarify some tax information. We keep receiving conflicting answers to this question: How will my taxes in Colorado work if my employment is in Texas? The schools are still taking taxes out of my paychecks. Thanks, Jill
Asked Thursday, October 26, 2023 by Jill D.Sign in to Answer
W-4 for second part time job
Married filing jointly. We make $108,000 per year. I got a part time second job that makes roughly $10,000 extra per year. What deductions should I have taken out on my W-4?
Asked Wednesday, October 25, 2023 by Leisa S.Sign in to Answer
Equity loan questions
I am looking into a equity loan for $75000. House worth $675000 and owe $170000. Starting valuation would be $478000. Any equity gained over that at end of 30 years would be shared at 25% to them plus original loan amount of $75000. Can I deduct any of this loan yearly on my tax return? Would I have to pay any tax on money I received from loan?
Asked Wednesday, October 25, 2023 by Paul B.Sign in to Answer
Unemployed and did not receive any economic impact payments
Have been unemployed for years and don't file taxes and did not receive any economic impact payments that were sent to just about everyone. How do I go about trying to get them? I feel like I deserve them also.
Asked Tuesday, October 24, 2023 by Vicki B.Sign in to Answer
Starting as an independent educator of neonatal cpr classes outside hospital setting.
How to file tax deduction as a new educator for neonatal instructor classes outside hospital setting.
Asked Tuesday, October 24, 2023 by Laura S.Sign in to Answer
Do I charge sales tax for a digital product in Arizona
I'm selling a digital course that is housed in a portal. I'm using Stripe to collect my payment. What happens if I don't collect sales tax during the sale? Not sure if I should charge sales tax and if I do, should I have Stripe collect the tax automatically for a fee of 0.5%. I've never sold a product online before and not sure what is involved and what forms need to be completed with which states. Is it complicated and is that the benefit of having Stripe collect the tax automatically?
Asked Tuesday, October 24, 2023 by Sherri J.Sign in to Answer
Form CP2100A - Backup Withholdings Now??
1099 Contractor will receive his residency next month. Company received a CP2100A due to his missing TIN. Should backup withholdings be held immediately if (per his attorney) he will be issued a SSN next month?
Asked Tuesday, October 24, 2023 by Erica T.Sign in to Answer
Car Rental
Hi, the question I have is if I rent a car as a doordash driver, and I use it strickly for dashing, can I write off 100% of what I payed for the rental? And does this mean the tax write off will essentially pay for the car?
Asked Tuesday, October 24, 2023 by Jason B.Sign in to Answer
Forms
Hi, I just started a small business and registered with Santa Clara county for a business tax certificate as well as with the CDTFA for a sellers permit. My small business is a sole prop, part of the year side business and I don't expect to make more than $1000 by the end of the year. Will I need to save up for self employment tax and file quarterly? What about the months I do not make any money? Is it just schedule c and/or do I need another form to itemize expenses? I'm reading a lot of conflicting info online and the small business development center non profit cannot offer tax advice. Any help would be greatly appreciated. Thank you.
Asked Tuesday, October 24, 2023 by ANDREA A.Sign in to Answer
Solar tax credits
I am considering installing solar panels for my home. The contractor said I will get a Federal Residential renewable energy tax credit (30%) and an "Illinois shines" credit of $24,800. Do either of these credits have income limits to receive the full credit?
Asked Tuesday, October 24, 2023 by Trenton H.Sign in to Answer