Unanswered Tax Questions

Deductions and Write-Offs

section 179

I have a product that we sell that is a piece of equipment that uses disposable mouthpieces. Can the disposable mouthpieces be included with equipment in section 179?

Personal Taxes

Not clear on this issue

My company has changed ownership and the new company has changed my deductions. I always gross $110 a week and net $95, single no deductions. The new company is paying me $73. They have stated it is considered supplemental and tax at 22% . I normally have zero taken out for federal but have optioned $3 weekly. I don't really understand why this change (i have checked tax tables and $0 is correct). My question is since nothing on my deductions has changed(this is my only income) will I get back the additional monies on my income tax return?

Investment and Finance

How to form LLC or Corp? Which would be the best for our investment?

We need assistance forming Corp or LLC for our rental investment property.

Personal Taxes

Do I pay tax on inherited land after selling 2 wks later??

I normally don't file taxes as my only income is from Social security. I inherited a share of land and sold it 2 wks later. Do I owe taxes or do I have to file??

Personal Taxes

W2

I have a full time job as a nurse but i am going to get a prn job as a nurse. I need to know what to put on my prn job w2. I claim 0 with my full time job. I am married with 2 children. We file married and jointly.

Personal Taxes

Utilising taxes losses effectively

Hi, I am looking for assistance with utilising a significant (to me anyway) amour of losses from previous years taxes and am very much struggling to find ways of managing this without having to write down to zero (ie using my losses on tax free income). I have over $60k in losses and unfortunately didn’t earn as much as I wanted last year to get as high an income as possible for these losses. I would greatly appreciate knowing my options. I am also very keen on finding an accountant/planner that can assist with an effective tax and overall wealth strategy moving forward in better income years so would really appreciate advice and contacts

Family Issues

Tax implication of Gifts to help with a Mortgage

What are the short and long term tax implications of giving my son a gift of $250,000 USD to help pay for a down payment on a house? What taxes will I have to pay on this gift and future gifts? How will this affect my other taxable income? How will it affect my son's taxes?

Miscellaneous

Have an IMF CODE AND A SARS CODE NOW I NEED A TAX CODE

Was gifted money from a UK offshore account need a tax code to complete the transfer

Personal Taxes

Inherited property that was sold do I pay taxes on that?

Credits

Order of adoption and energy efficiency credits

My taxes this year will be covered with carry-forward on the adoption tax credit. (This is the first of the 5 years of carry-forward.) I am looking at home energy efficiency upgrades that come with tax credits due to the inflation reduction act. Will the energy efficiency credits be applied before the adoption tax credit, this allowing me to continue carrying forward that credit? Or will the adoption credit be applied first, meaning the energy efficiency credits would be useless?