Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsFiling a 1099
Asked onWednesday, September 27, 2023 by DebbieI 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?
Taking a distribution for dental work
Asked onWednesday, September 27, 2023 by MaryI want to know if I would be able to claim a deduction if I pay 11,000 for dental work this year?
Do I need to file taxes?
Asked onTuesday, September 26, 2023 by KatieI 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!
Mobile Home
Asked onTuesday, September 26, 2023 by JeffreyAre the profits from selling taxable . Been my residence for 4 years
Union 1st Year apprenticeship in Washington State- moving from Oregon now
Asked onTuesday, September 26, 2023 by TateI 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.
Nc taxes
Asked onTuesday, September 26, 2023 by JanisI received a 1099nec, live in SC working NC. Don't know how to file this or if I have to.
Rolling an old SIMPLE IRA into a solo 401k - Pros / cons?
Asked onTuesday, September 26, 2023 by JohnHello, 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.
LLC Setup: Holdco Out of State for identity protection
Asked onTuesday, September 26, 2023 by BrianLLC 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?
Taxes on land purchase
Asked onMonday, September 25, 2023 by DeWayneIf the state of Indiana buy some of your land for road expansion. Do you pay state and federal on the purchase
Deceased taxes
Asked onMonday, September 25, 2023 by KendaI currently have a lawyer to close my deceased mother's estate the lawyer is stating I need some kind of proof that my mother does not owe any taxes how do I go about doing this?