Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Disability
I am on soc sec disability and can’t afford to put aside taxes from alimony and live. Is there some way they would excuse the taxes?
Asked Monday, September 11, 2023 by Caryn B.Sign in to Answer
CPA has not responded to phone calls or e-mail
I have used Edward E, Burns, cpa, of 220 Montgomery St, SF, CA for over 10 yrs. I submitted my taxes to him via UPS on 09/05/23. Not heard from him. I have left many phone messages and sent e-mail, but no response. Can you help me discover what has happened to Mr. Burns.
Asked Monday, September 11, 2023 by Gladys S.Sign in to Answer
How does adjusting the title on a home affect property taxes?
My partner and I own a house, tenancy in common, 50/50. If we were to transfer title to her name alone (following a separation), would that change the property tax? (Home purchased in California in 2001.)
Asked Monday, September 11, 2023 by Joe H.Sign in to Answer
Do I have to file taxes if I only have 29 cents worth of transactions
Hello, My name is Luka, and I'm from Georgia (country). Last year, I created an LLC in Wyoming with Northwest Registered Agent Service. I intended to create an online business, so I managed to acquire a US bank account with Mercury Online Bank. My plans have changed, and I'm not going to continue with US LLC. Here is the question: Do I have to file taxes if only transactions I had with the US bank account were initiated by online services, like Amazon, in order to complete the account registration service? There were two transactions, with a combined amount of 29 cents. Please advise, how shall I proceed? Best regards, Luka
Asked Monday, September 11, 2023 by Luka L.Sign in to Answer
investor
I bought Ford at $35, then they recapitalized their stock at $12. For tax purposes, is that a loss?
Asked Sunday, September 10, 2023 by Denise W.Sign in to Answer
Plasma donation
In Washington state, do I need to count money I gain from donating plasma as part of my income?
Asked Sunday, September 10, 2023 by Robert T.Sign in to Answer
Tricky question that I need guidance
I am a US taxpayer (citizen) who owns a foreign business that does business in the US.(call center) I jointly file with my wife who is a dual citizen. We moved abroad almost exclusively during covid 19 height. She started a small business ( call center) that provides outsourced reps to a US based hospital. I was hoping to know 3 main questions. 1. With filing, should this be included in our tax filing on or about Feb./March? 2. If so, are we able to claim standard deductible purchases for the business ( tools, supplies, office space, utilities, business travel, ect.) 3(a) Any foreign taxes (filings) are the able to be claimed as business expenses? 3. (B)And should we/she file an itemized or standard filing? I greatly appreciate any assistance as we are not rich and the small business is estimated to gross approximately 3, 000 usd currently at this pace. Next year it should approach 10,000.
Asked Sunday, September 10, 2023 by Matt D.Sign in to Answer
Didn’t take RMD’s from inherited IRA established in 2007
we really screwed up as we didn’t know they were different laws for inherited IRAs. So I haven’t been taking required RMD’s until that last year when I turned 72 and had to take one of my own Short version – my dad died in 2007 and I received an inherited IRA in 2008. I believe I converted it to my own, but I don’t remember at all what I did back then. I had no idea that I was required to take RMD‘s once he died so the money’s just been sitting there. I realize I owe money but I’m looking now for the easiest option to deal with it. I would rather not have to go back and re-file taxes from 2008 on, so if there’s a way even with penalties that I can do something relatively simpler than that I would love to know about it. I am not a high net worth person – altogether my wife and I about $200,000 worth of stocks and retirement accounts and don’t own a home so I don’t have a lot of money for an accountant but if I have to I will. My dad was 82 when he died, and I believe had taken his RMD’s, including the one of his year of death. I’m really anxious about this, so any advice or help would be much appreciated. As you can tell neither my wife or I are financially savvy.
Asked Sunday, September 10, 2023 by Rob S.Sign in to Answer
Tesla model 3 tax rebate
I am planning to buy a tesla model3. Based on 2022 tax year filing which was done in april 2023 my adjusted gross income with my wife is less than 300K. In 2023 my adjusted gross income is going to be > 300K. If i buy a car right away is there a way i could use the 2022 tax filing to get the 7500 federal rebate?
Asked Sunday, September 10, 2023 by Pradeep R.Sign in to Answer
Am I responsible for my spouses unfiled taxes if I have no income
Am I responsible for my spouses unfiled taxes if I have no income
Asked Sunday, September 10, 2023 by Dru H.Sign in to Answer