Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Washington State. Construction side work.
Washington State here. My husband is a licensed plumber and fixed a couple toilets at my work, for $500. We don't have our own plumbing company. My work asked him to complete a 1099. Since we don't have a plumbing business EIN, obviously his only option is to enter his personal SSN. Which is fine, we don't mind paying taxes on that income at all. My confusion arises because, as I understand, this type of professional service should be charged a 6.5% sales tax in Washington. If we charged it, we have no way of paying that tax to the state because we have no business. Do we just not charge the sales tax? I can't ant imagine the state will be happy with that. Also, we don't have a state income tax, so we never have to file a state return, only federal. Would this transaction require us to file a state return? Seems like enough hassle to just not charge them, but that's not ideal either. TIA for any advice!
Asked Monday, October 23, 2023 by Ashley L.Sign in to Answer
Escrow account excess funds rights to property
My husband and I were given a home and property in 2017. He passed away in 2020 it was never put in our name. I have been living here since 2017. My mother n law passed away 2018.my father n law passed away this year I have been paying the property tax since 2017. I lost the property to a property sale in june 2023. There is a excess funds account held in escrow for the property. What rights do I have for paying the tax buyer and keeping the property. What rights or order do I have for the excess funds held at the tax office ? If u know someone who can help me go about taking care of this please call or email me. And if I cannot access funds or property do I have the right to the taxes I have paid in since 2017
Asked Monday, October 23, 2023 by Sandra B.Sign in to Answer
HDHP No Longer An Option.......
Our current health insurance provider is no longer going to be a option for an HDHP. They have failed to reach an agreement with the primary medical group in and around our town. At best, it might be 6 months before an agreement is reached, if at all. We would need to drive 60+ miles to see a provider in-network. Our current insurance provider is the only one out of our current open enrollment options that offers an HDHP. Is there another alternative (HRA, HMO, etc.) that would meet the deductible qualifications for us to continue to put money into our HSA? Thank You for your time.
Asked Monday, October 23, 2023 by RC M.Sign in to Answer
Owe back taxes
We sold a house in 2021 with a profit of $285,000. Apparently, we didn't file the right forms because we received a letter from the IRS stating that we owe $350,000 in back taxes including $32,000 in interest. Can this be fixed by filing an amendment, or do we need a tax attorney?
Asked Monday, October 23, 2023 by Cynthia D.Sign in to Answer
Dividends From ROTH IRA
If I invest in an ETF that pays a monthly dividend, such as JEPQ, is the monthly dividend considered non-taxable in a ROTH IRA? If I remove the dividend from the ROTH IRA, can I use it as cash without any tax consequences since it originated from the ROTH IRA?
Asked Monday, October 23, 2023 by Chris F.Sign in to Answer
Supposed missed filing deadline - IRS won't refund
Hi, I’m hoping you can provide me some guidance on my 2017 tax return filing issues. I had sufficient withholdings taken throughout the 2017 tax year to cover my tax burden and also added an $8,000 payment with my extension on April 12, 2018 (the $8,000 wound up being an over-estimate and was not required). For personal reasons, I had filed my 2017 income taxes on 5/13/2021. However, the IRS claims they received my tax filing on January 26, 2022. Since this date was after the October 15, 2021 filing deadline for 2017 returns, the IRS will not provide me my refund. The IRS also stated that my tax return was complete and processed without issue. Unfortunately, I cannot provide the IRS with valid proof of mailing. In a conversation with the IRS, an agent told me that the IRS scans every mailed tax return. I am requesting a copy of the scan but have not received anything. I have called and written the IRS numerous times and have not received a successful resolution. Would you have any suggestion on a path forward? Thank you.
Asked Monday, October 23, 2023 by Art W.Sign in to Answer
Will I have to file a tax return
Social Security is 26400.00 plus pension 3600.00 plus cd interest 5000.00 yearly my age is 74. Do I have to file taxes?
Asked Monday, October 23, 2023 by Marilyn W.Sign in to Answer
W4P Advise
My ex recently retired. I get 13 yrs of his pension that started in April. I'm still working not close to retirement until 1yr 8 months from now. My retirement benefit is 360.00 a month. I do not know how to fill out the W4P form for his union. Do I add my current yearly salary on line b? It has to be notarized which is why I need help with this.
Asked Monday, October 23, 2023 by Susan L.Sign in to Answer
What forms has to be filled in for Company being owned by non US tax residence with non US incom.
The question is about forms and tax has to paid for the LLC company having only external non US income.
Asked Monday, October 23, 2023 by Piotr C.Sign in to Answer
401k loan
If I take out a 401K loan, and am paying myself back, does it affect me in the spring when I pay my taxes?
Asked Sunday, October 22, 2023 by Zachary H.Sign in to Answer