Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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See question in notes please
I own a HVAC company and I let one of my good friend of mine, basically he’s a subcontractor and I let him work under my license and he scored a $400k job. He’s the one doing all the work and I just sit and look pretty meaning he’s taking most of the revenue. My question is how can he take responsibility for the taxes? Does it have to come back to me? Does he have to do a 1099? Basically how can I make him responsible for the taxes on that job he did under my license.
Asked Wednesday, September 27, 2023 by Angel O.Sign in to Answer
Ihss income and the CaEITC
Hello there. I provide ihss services to relatives I live with and they pay me out of pocket in cash. I am not paid by Medicaid waiver program or any other state or local program. I am paid in cash. Is this considered as earned income?
Asked Wednesday, September 27, 2023 by Ronald S.Sign in to Answer
Filing a 1099
I started doing contract work in April 2023. I will be receiving a 1099 from my employer. First, i am not sure if i am even taking the correct amount out of each check to put aside for when i file my taxes. How do i figure that amount out? Second, am I supposed to be making quarterly payments to the IRS?
Asked Wednesday, September 27, 2023 by Debbie S.Sign in to Answer
Taking a distribution for dental work
I want to know if I would be able to claim a deduction if I pay 11,000 for dental work this year?
Asked Wednesday, September 27, 2023 by Mary S.Sign in to Answer
Do I need to file taxes?
I did not work last year or earn any income except for $60 in TikTok earnings. Do I need to file taxes on that $60? I would actually prefer to file taxes on it because I could claim the child tax credit for my daughter, but when I went to file it said I wasn't eligible for some reason (I think because of the low amount it said), then it just wanted me to pay the filing fees which is almost $200. So if there's no way I can get the child tax credit, then I'd like to avoid having to pay $200 in filing fees, on earnings of only $60 if possible. Is it illegal to not file on those $60 of earnings? Thanks!
Asked Tuesday, September 26, 2023 by Katie M.Sign in to Answer
Mobile Home
Are the profits from selling taxable . Been my residence for 4 years
Asked Tuesday, September 26, 2023 by Jeffrey H.Sign in to Answer
Union 1st Year apprenticeship in Washington State- moving from Oregon now
I live in Oregon. Obtained electrician apprenticeship 1st year of 5 year program last week in Washington state. Need assistance on what to claim on W-4 and is it better to become WA. resident? I am young and this is first time on my own.
Asked Tuesday, September 26, 2023 by Tate P.Sign in to Answer
Nc taxes
I received a 1099nec, live in SC working NC. Don't know how to file this or if I have to.
Asked Tuesday, September 26, 2023 by Janis S.Sign in to Answer
Rolling an old SIMPLE IRA into a solo 401k - Pros / cons?
Hello, I am considering opening a solo 401k from Nabers (self employed, sole proprietor). I am mainly attracted to the plan because I could borrow a % of the 401k balance for emergencies, but it will take me some time to build the fund up. I have an old SIMPLE IRA (6 years old). I was thinking, to increase the amount I might be able to borrow in an emergency, to roll the SIMPLE IRA over the solo 401k. My concern is that some of the equities I have in the SIMPLE have lost value but could recoup the value in the next few years. If I liquidate and roll over, aren't I "locking in the losses" in the SIMPLE? If so, is it possible to only sell certain equities and roll them over to the solo 401k? I'd appreciate any ideas on how to do this better.
Asked Tuesday, September 26, 2023 by John S.Sign in to Answer
LLC Setup: Holdco Out of State for identity protection
LLC structure related with out of state LLC Holdco to protect identity. I have an LLC in Texas, live in Texas, would like to transfer this llc to be Sub of out of state holdco. I will setup more LLC subs in TX. I want a Holdco in a state to protect identity, like WY to hold these LLCs. The out of state motivation is identity protection, not tax benefit. The tax benefit from the holdco would be to hold assets to benefit all LLCs. Question: How complicated will this make 1) tax returns and 2) setup costs? Will I have to file a return in Wyoming for the LLC subsidiaries in TX, or just the WY holdco? Vice Versa?
Asked Tuesday, September 26, 2023 by Brian H.Sign in to Answer