Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsWhat should i legally be classified as?
Asked onFriday, October 27, 2023 by RachelI work for a cleaning company and they told me i was a contractor? I only get paid with checks bi-weekly and do not receive paystubs. I also work on a schedule, same time everyday 5 days a week. They provide me with the supplies and I was trained on how to clean. I feel like I am an employee. Is it possible the company is wrong and should be withholding taxes like a normal w2?
Received Notice of Insolvency from debtors estate today
Asked onThursday, October 26, 2023 by DaveI entered into a promissory note with a real estate developer 15 years ago with a basis of $150,000. The note stated a 10% interest per year. Approximately 7 years ago he passed away. At that time, the promissory note had acrued $64,320 in interest. Today I received the Representation of Insolvency from his estate, as approved by probate. My promissory note is receiving $0.00 in payment. (A total write off.) When entering this loss on my taxes on IRS Form 8949, can I deduct as a loss: $150,000 or $214,320? Is the unpaid interest deductible as a loss? Thank you!
Claiming a child
Asked onThursday, October 26, 2023 by CourtneyI am a non-custodial parent and pay child support. The other parent does not work no has worked at all in the year of 2023. Can I claim my child on my taxes this year?
State Taxes (Living in one state but employed in another)
Asked onThursday, October 26, 2023 by JillGood morning, I recently relocated to Colorado but work remotely for two schools in Texas. One school has asked me to reach out to a tax specialist to try to clarify some tax information. We keep receiving conflicting answers to this question: How will my taxes in Colorado work if my employment is in Texas? The schools are still taking taxes out of my paychecks. Thanks, Jill
W-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?