Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHobby Dog Breeding?
Asked onThursday, September 21, 2023 by TiffanyI've been told that the 2 litters my two dogs have had this year are considered taxable income. I don't have a business and don't plan on getting multiple sets of dogs to breed. Would I still need to claim the money earned from selling the puppies on my taxes?
Capital gain on land
Asked onWednesday, September 20, 2023 by RandallSold vacant land in 2022. 2 acres. bought in 2019. What IRS form?
QSUB W9
Asked onWednesday, September 20, 2023 by LindsayWe are a QSub with our own name and FEIN however our income taxes will be filed under the parent company's name and FEIN. How should we fill out the following fields on a W9 when providing our information to customers? Line 1: Parent Company's Name or QSub's Name? Line 2: ? Employer Identification Number: Parent Company's ID or QSub's
Adult Dependent Relatives
Asked onWednesday, September 20, 2023 by JaredThis is a weird one but - one of the stipulations of covering any dependent is that they cannot be married filing jointly, with one exception: if they are filing for the sole purpose of receiving a refund of payment of estimated taxes or withheld income taxes, but neither one would be required to file or have any income tax liability. I had realized a few weeks ago that I could cover my mother as an adult dependent, as I live with her and I am responsible for over 50% of her expenses. I went to file an amended return, however, I found out she filed a return with my father last year, jointly. Neither of them were required to file their taxes - their joint income was $155 (lol). They did it trying to get a refund, but they got no refund. However, they also didn't owe any taxes. they didn't receive any credits either. Does this disqualify me from covering my mother as a dependent? the examples the IRS give do not address this - they go over a similar scenario, where a dependent married and filing jointly files their taxes to claim a tax credit, which does disqualify those dependents, but that is because the purpose was to get an alternative credit, not a refund. My folks filed taxes because they hoped they would get a refund and when they saw they had $0 refund, thought they still had to file anyway and submitted it. it seems weird to disqualify them as dependents in that regard when neither were required to file a return and they owed and received nothing.
Opening LLC from TÜRKİYE
Asked onTuesday, September 19, 2023 by HAKANHello, i want to open a limited company at DE but i have a concern about the state taxes etc. I need an accountant for reminding me what must i do. I definetly don't want to miss any payment or issue. I appreciate it if you can help me :) Have a nice work HAKAN CITAKOGLU
Deceased Father Back Taxes
Asked onTuesday, September 19, 2023 by ElizabethI am looking for a CPA in Utah to do my deceased father-in-law taxes. He passed in January 2023. He did not keep very good records. My FIL received a K-1 (Form 1041) from his sister's estate in 2019 and from what I can tell NEVER filed taxes. Being that my husband and others in the family also received the K-1 form and had to file and pay taxes, I are assuming he should have too. Any help or advice would be greatly appreciated.
Colorado EV Tax Credit
Asked onTuesday, September 19, 2023 by RyanI'm attempting to finance a new EV vehicle and want to determine if I qualify for the full Federal and State tax credits. I was a full-time student from 8/22 to 8/23, so I am confused about how the credit would be applied in my situation. I would appreciate clarification on when and how the credit would be applied to my tax bill. Thank you, Ryan
about 720 form
Asked onTuesday, September 19, 2023 by palwashahello do I need to form 720 form for my business ?
How does VA Chapter 35 Benefits affect my calculations for qualified education expenses when withdrawing from 529 plan?
Asked onTuesday, September 19, 2023 by MonicaVA chapter 35 benefits are deposited directly into my son's checking account. I'm trying to determine if my son with get taxed 10% on the earnings portion of his 529 if I withdrawal money to cover room & board. If I understand correctly the 10% penalty is waived in this instance. His tuition & fees are paid by directly to his college by another veterans program with the state of Virginia. I know I can not withdrawal the amount for tuition & fees from his 529.
How to handle an anonymous donation
Asked onTuesday, September 19, 2023 by lauraHow should a tax exempt organization handle anonymous donations? Background: I belong to a tax exempt organization through church (but separate) called Ladies Aid. We fundraise throughout the year then donate to local organizations such as summer backpack programs, Montgomery Co. K-9, etc. We elect officers, record meeting minutes, and read the treasurer’s report. The problem: At a recent meeting, the president blew up because the treasurer recorded a donation as “anonymous”. The president said she felt offended and that the officers should know the donor’s name. The treasurer stated that this is how she has recorded such donations for the past 16 years. I don’t think emotions or past practice should dictate how we record such donations. Questions: Is there accepted practice as to how a tax exempt organization should record anonymous donations? Should the officers be told the name, verbally? Should the name be recorded in the meeting minutes or the treasurer’s report? Does the amount matter? This involves a $50 donation.