Unanswered Tax Questions

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Tax Filing Tips

Four jobs plus an LLC

I have two full time jobs. My husband also has two full time jobs. My two jobs are paid twice a month. One of my husbands full time jobs are paid weekly, the other twice a month. I also have an LLC as well. How in the world do we file a W4 correctly for 2024 to ensure we withhold enough taxes from each of our four jobs? I’ve seen examples for three jobs but not four, and not one that is weekly versus twice a month. Please help.

Asked Tuesday, October 31, 2023 by Jenn B.
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Small Business

Transfer of car title from LLC to personal

I am owner/principal of S Corp. In 2019 I purchased car owned by LLC. I want to put vehicle in my personal name. Can I simply transfer car title and show that gain on S Corp? Or do I need to purchase the car and pay sales tax again to show that transaction?

Asked Monday, October 30, 2023 by John A.
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Payments and Penalties

Received notification from Federal Tax Settlement

Why do I received this Federal Tax Settlement notification when in fact I retired from work from Dec.07,2021 due to heart attack and was operated.

Asked Monday, October 30, 2023 by Lamberto V.
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Personal Taxes

Tax question

My ex owes me over $5000 in back child support. I have full residential and sole custody of our son and he lives with me full-time. My ex claims that if I were to allow him to claim our son for his taxes it would benefit me because I would be receiving more back and the entire amount that he owes. I am confused in this As Would I not be receiving less because I would get less for not claiming him and initially would I not just be paying his back support for him?

Asked Monday, October 30, 2023 by tasha R.
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Investment and Finance

Will this create a taxable event?

My mom lives in Texas and is 75 years old. She has an inherited IRA with Raymond James as a custodial account. She receives a 1099 tax form from Raymond James to include on her Tax return each year. We are trying to transfer the IRA to a Fixed Indexed Annuity in her name where her principal is protected so she doesn’t loose money.

Asked Monday, October 30, 2023 by Beth M.
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Tax Filing Tips

I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between Dubai and USA and viceversa while my money is being returned with profit

I am on my work visa. I am a resident alien for tax purposes. I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between USA and Dubai, while investing, Dubai and USA, while my money is being returned with profit. Through bank or western union like platforms. What is the tax implication? What form to use?

Asked Sunday, October 29, 2023 by Princy P.
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Personal Taxes

Gift tax?

I borrowed $75,000 from my bank and gave it to my daughter. She then made the monthly payments of interest only to the bank. Now she plans to pay it off in a lump sum to the bank. I will not gain anything from it,. Do I have to declare it on my tax return form 709 as a gift? Will either one of us have to pay tax on it?

Asked Sunday, October 29, 2023 by Ian M.
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Miscellaneous

Question for future plans

Hi I dont currently own a business but I'm planning to start up an automotive restoration shop in a few years and I was just curious if, when I buy a car to restore, if the purchase of the car could be used as a tax write off since it will be bought for the business. I know if I have an LLC and I was to buy a new truck with a GVWR over 8000 pounds as a company vehicle it could be used as a tax write off and I do plan to do that but I'm not sure on if the cars I buy for restorations could be used as a tax write off or not.

Asked Saturday, October 28, 2023 by Vaden A.
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Deductions and Write-Offs

KY PRE-1

This is a new tax deduction that was on my paystub. My HR Director cannot tell me what it is and it just started. Can someone please let me know what it is? Thank you.

Asked Saturday, October 28, 2023 by Leigh A.
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Deductions and Write-Offs

lowering taxes legally

Hello I am a work for home self employed business owner. I get tax deductions for home office internet but how can I get more tax deductions?

Asked Saturday, October 28, 2023 by Farhana A.
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