Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsW-4 for second part time job
Asked onWednesday, October 25, 2023 by LeisaMarried filing jointly. We make $108,000 per year. I got a part time second job that makes roughly $10,000 extra per year. What deductions should I have taken out on my W-4?
Equity loan questions
Asked onWednesday, October 25, 2023 by PaulI am looking into a equity loan for $75000. House worth $675000 and owe $170000. Starting valuation would be $478000. Any equity gained over that at end of 30 years would be shared at 25% to them plus original loan amount of $75000. Can I deduct any of this loan yearly on my tax return? Would I have to pay any tax on money I received from loan?
Unemployed and did not receive any economic impact payments
Asked onTuesday, October 24, 2023 by VickiHave been unemployed for years and don't file taxes and did not receive any economic impact payments that were sent to just about everyone. How do I go about trying to get them? I feel like I deserve them also.
Starting as an independent educator of neonatal cpr classes outside hospital setting.
Asked onTuesday, October 24, 2023 by LauraHow to file tax deduction as a new educator for neonatal instructor classes outside hospital setting.
Do I charge sales tax for a digital product in Arizona
Asked onTuesday, October 24, 2023 by SherriI'm selling a digital course that is housed in a portal. I'm using Stripe to collect my payment. What happens if I don't collect sales tax during the sale? Not sure if I should charge sales tax and if I do, should I have Stripe collect the tax automatically for a fee of 0.5%. I've never sold a product online before and not sure what is involved and what forms need to be completed with which states. Is it complicated and is that the benefit of having Stripe collect the tax automatically?
Form CP2100A - Backup Withholdings Now??
Asked onTuesday, October 24, 2023 by Erica1099 Contractor will receive his residency next month. Company received a CP2100A due to his missing TIN. Should backup withholdings be held immediately if (per his attorney) he will be issued a SSN next month?
Car Rental
Asked onTuesday, October 24, 2023 by JasonHi, the question I have is if I rent a car as a doordash driver, and I use it strickly for dashing, can I write off 100% of what I payed for the rental? And does this mean the tax write off will essentially pay for the car?
Forms
Asked onTuesday, October 24, 2023 by ANDREAHi, I just started a small business and registered with Santa Clara county for a business tax certificate as well as with the CDTFA for a sellers permit. My small business is a sole prop, part of the year side business and I don't expect to make more than $1000 by the end of the year. Will I need to save up for self employment tax and file quarterly? What about the months I do not make any money? Is it just schedule c and/or do I need another form to itemize expenses? I'm reading a lot of conflicting info online and the small business development center non profit cannot offer tax advice. Any help would be greatly appreciated. Thank you.
Solar tax credits
Asked onTuesday, October 24, 2023 by TrentonI am considering installing solar panels for my home. The contractor said I will get a Federal Residential renewable energy tax credit (30%) and an "Illinois shines" credit of $24,800. Do either of these credits have income limits to receive the full credit?
Washington State. Construction side work.
Asked onMonday, October 23, 2023 by AshleyWashington 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!