Unanswered Tax Questions

Credits

Earned income when tax exempt

If I'm tax exempt on federal taxes can I still file for earned income credit

Small Business

MISSOURI SALES TAX

I build custom cabinets and furniture in Missouri. I pay sales tax on all my materials. At the end of the job, I invoice a final price to my customer ( materials+ labor+ Overhead). Then I add the correct sales tax rate on to that final number. Am I charging sales tax correctly?

Education

529 Account Qualified Expenses

My husband is currently enrolled part-time in a program through UC Irvine. He has used 529 account funds to pay for the program tuition but we want to know if he can also use those funds to pay for off-campus room and board expenses (the cost of which is listed on UC Irvine's website as up to $5,400 per quarter). He is enrolled in the program at 50% time, so it seems like those expenses would qualify, but we've received conflicting advice.

Payments and Penalties

Roth IRA Withdrawal Fees/Penalties

Im 45 years old and have been unemployed for some months. Because of that I cant take a loan out from 401k account. So I rolled those funds into a rollover IRA and Roth IRA account. Ive had funds in Roth IRA account for over 5 years. I just wanted to verify that there wouldnt be any fees/penalties for withdrawing funds or transferring funds from Roth IRA account to my bank.

Self Directed IRA

Tax deductions needed

Self Directed IRA

Roth IRA withdrawal

I’m 45 years old. I’ve been unemployed for some months and so I couldn’t take loan from 401k account. I rolled over 401k funds to rollover IRA and Roth IRA accounts. Have had Roth funds for longer than 5 years. Just wanted to verify that if I take withdrawal from Roth IRA account that ther wouldn’t be any taxes or penalties

Nonresident Tax Issues

Sell of property

I have a primary resident in NC and a vacation home in SC. Planning on sell my SC home to buy another home to make my primary resident in SC and NC becomes my secondary home. Do I have to pay taxes on the sell of my SC home? If I ever sell my NC home, would I now have to pay taxes on it? Thank you

Tax Forms

Schedule C SMLLC

SMLLC parent llc and subsidiary llc's owned by the parent llc 1040 Should I add the income and expenses of all the LLCs on the same Schedule C? Considering that as I understand it I am only the owner of the LLC patent, not the subsidiaries

Nonresident Tax Issues

Double tax avoidance in California state

Hello CPA, I need a tax advice regarding the double avoidance agreements for California state with other countries. If i pay tax in Sweden on some income in that country, can i claim the tax under California state tax laws after i declare my global income ?

Nonresident Tax Issues

Eligibilty for Federal Tax Credit for EVs

Hi, I want some tax advice regarding eligibilty of Federal Tax credit. As a non resident, can I claim federal tax credit for EV (electric Vehicle) if my income falls with in the requirements. It helps me with decision whether I can purchase EV this year.