Unanswered Tax Questions

Tax Forms

W4 & W-4P

February 2024 I'll have a job and a pension. Why do I have to account for taxes on my W-4 but I also account for that job taxes on my W-4P?

Tax Forms

Questions regarding Schedule C tax deductions categories for group travel business

Hello, I am the owner in a single-member LLC that is a small group travel business. I plan and execute small group tours in various international destinations across Europe, Africa and Asia, and offer a close to "all-inclusive" price package experience that includes all meals, lodging, activities, and transportation. I plan the trip and I am the guide on the trip. On Schedule C form where I have to categorize my expenses, I'm wondering how to categorize the expenses that I have for these trips (as the meals are part of the "trip package" that I see, I assume they should be 100% deductible expenses rather than 50%. Would I just lump all of the travel expenses for these trips into the "Travel" category rather than separating into "Meals" ? Please advise and thank you so much for your help!!

Investment and Finance

Is there a penalty for.not cashing in your savings bonds after maturity from the I R S

Is there a penalty for not cashing your savings bonds after maturity from the I R S

Personal Taxes

will the IRS update the record of account once they receive the return or do we have to wait 4 months for the amendment to be processed?

will the IRS update the record of account once they receive the return or do we have to wait 4 months for the amendment to be processed?

Credits

EV tax credit and child tax credit

We are going to be claiming the EV tax credit for purchasing an electric vehicle (yes it qualifies). Does that credit come off before or after the child tax credit or additional child tax credit? I am trying to figure out if we will be able to receive any part of the actc since the EV credit should cover any of our “owed taxes”.

Personal Taxes

Claiming dependent

I gave birth to my son on March 21st and he lived for two hours and passed but since he was born alive he has a ss card and a birth certificate. Do I claim him?

Personal Taxes

I owe taxes 2016 2017 and haven't filed 2018 to present how to proceed?

I work full time and would like to file the above tax years and clear things up. I need help, What is the best route to take. CPA? Tax Pro? Unsure where to start. Thank You.

Tax Filing Tips

Love and work in different states

Deductions and Write-Offs

Llc real estate

A realestate builder want to sell one of the homes to their adult child at a loss but a loss cannot be taken because it’s a relative transaction. What happens to the costs not covered by what the adult child is paying. Let’s say cost to construct the home was $200k and the daughter will pay $150k to the LLC. Is the extra $50k a gift from the parents? Recorded as a distribution from the LLC to the owner?

Credits

First and second recovery credit

Can I get stimulus money for my deceased husband passed in 2020