Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDoes this count a commute or business expense
Asked onWednesday, November 15, 2023 by DanielMy spouse delivers for Walmart and other companies as an independent contractor for Spark ddi. we recently moved and the closest location is 1 and 1/2 hours away. The only reason for the drive is for work. He does not have a real " home office" could we count his vehicle so could it count as him starting work when he leaves or only after the first pick up. I know commuting isn't a write off but because he has no physical primary work location he it basically working from the moment he leaves home. Does the drive too and from count as a business expense for milage deduction? Thanks in advance.
when to retire
Asked onWednesday, November 15, 2023 by SteveMy wife is employed and has a 401(k) with employer. She is over 71 1/2 (born b4 June 30, 1949.) Her work hours have been cut (I believe co. wants her to retire.) If she retires b4 end of calendar year (2023) and rolls over 401(k) to IRA, I assume that amount will be included for 2023 RMD. If she waits until 2024, that amount for RMD calculation will be tax year 2024. However, I noted there appears to be an exclusion if she retires after April 1 or next year (2024,) i.e. the calculation on the rollover would not occur until 2025? (I read and reread the tax code section on this and am still uncertain as to whether I am correctly interpreting the information) We just need to know if I am correctly understanding the April 1 exception, in order for her to determine a retirement date that is tax advantaged. thank you in advance
Just married
Asked onMonday, November 13, 2023 by JoelI just got married on November 12th 2023 I need to file taxes for 2021 and 2022 . I was not married those years would I file single since I wasn't married in those years or married since I'm currently married now?
IRA Distribution
Asked onMonday, November 13, 2023 by RobertI rolled over an amount from my traditional IRA to my Roth IRA. I know that I pat taxes on the rollover amount and I know what tax bracket it puts me in for 2023 income. Can I pay the tax or partial tax now on the distribution amount? Or do I wait until Spring 2024 when I typically file my taxes?
Can I file as head of household?
Asked onMonday, November 13, 2023 by JohnMy 16 year old daughter lives with me 4 days a week and 3 with her mother. I have always let her mother claim her, but I pay for her insurance and all medical and dental bills and anything else she needs. Can I file as head of household if I don't actually claim her on my taxes?
Etsy Shop
Asked onMonday, November 13, 2023 by KendallHi, i live in KY and have opened an Etsy shop selling digital designs (PNG files) and there are no physical products. I am looking at getting a business license (likely single member LLC) but am curious about tax write offs. My husband purchased me a new laptop to use for the business as my credit limit was not high enough to afford the laptop. Would i be able to write off the expense of the laptop even though he purchased it? Or do i need to look at a different business model?
Overpaid sales tax on new car
Asked onSaturday, November 11, 2023 by JarvisI paid taxes on my new car but I paid too much. It was 34k car with 11k trade in and I was taxed at 34k and not 23k. How do I get the difference?
IRS Worksheet for Determining Support [for Dependent]
Asked onSaturday, November 11, 2023 by BrianHere is the scenario. A single retired parent collecting social security benefits ($21k/yr) lives in Greater San Diego in a middle-class house with a young teenage son (son's total income $12k in social security benefits). Using the IRS 'Worksheet for Determining Support', calculations show the parent pays slightly more than 50% of the child's support ($12k child income/support, $12.5K parent support = total combined support $24.5K), thereby qualifying the son to be a "dependent". But since the numbers are very close, I suppose some amounts could possibly be disputed and the dependent status not accepted. So I just want to know if my numbers seem to be "in the ballpark" or if they might seem to the IRS to be off the mark and could possibly trigger an audit. I have seen articles online saying that the average cost of raising a child in Southern California is about $30k/yr so it looks like I'm in range, but I just want to be sure. Also, note that parent will file as 'Single' instead of 'HOH' since the filing status support criteria are somewhat stricter than the dependent status criteria. Preliminary 2023 tax return won't contain tax credits, won't have to pay any taxes, and won't be getting any refund. Thx, Brian
My employer is taken taxes out of my paycheck for my spouse who is not an employee
Asked onFriday, November 10, 2023 by LakeishaMy job requires a spouse or domestic partner to open up a well portal account if they are going to be on our insurance so that they can do the biometrics. With them opening up their own separate accounts, they have the same access on their accounts as we do on ours. On of the choices that they have as we do is to complete some self verified activities each quarter and if they meet the goal they can earn $100 amazon gift card up to three times a year just as the employees can. My job makes us pay taxes on our gift cards that we receive each quarter if we meet the goal. We have learned that if our spouses or domestic partner completes the activity on their account they also receive the gift cards, however because my employer has no way of taxing them because they are not employees of theirs, they tax the employees paycheck without our permission for that spouse or domestic partner. We just gained knowledge of these and I am wondering if that is legal?
How to best pay federal tax on taxable mutual fund capital gain distribution
Asked onFriday, November 10, 2023 by JamesI have a taxable mutual fund that has been having large end of year capital gain distributions. How do I best pay federal tax on these so as to not incur a penalty? Only recently started social security and have no other place to increase tax withholding. Estimated tax is difficult since distributions can vary wildly.