Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Supercar write off
Hey! So my business model is E-commerce, and I also have a course on the side. I was wondering if I were to get a Mclaren and use it for marketing on my social medias, and as a Face for it. Would it be possible to write off the car or a percentage?
Asked Thursday, September 07, 2023 by Adriyan m.Sign in to Answer
deduct NY tax with taxes paid to NJ
Hi, thanks for your help. 1. I live in New York city for 5 months and New Jersey for the rest of the year. 2. I work in New York City for the whole year. Can I pay taxes only to New Jersey State? Concerns: 1. On my W2, the region is stated "new york city" and my tax preparer state that since I work in New york city, I need to pay NYC tax. 2. I would like to pay NJ tax and get rent deduction (18%), but since I deduct my NJ tax (by paying taxes to NYS) I couldn't get it. So my questions are 1. Can I pay taxes only to New Jersey State? 2. Is there a form that I should fill up to do so?
Asked Wednesday, September 06, 2023 by Yirong W.Sign in to Answer
Stock Options AMT and Capital Gains tax questions
I have a few questions regarding how AMT and capital gains tax is calculated. E.g. strike price of 1 dollar, exercise price 50 dollars for 10000 shares, would I pay AMT on the 49*10000 this year, then 49*10000 capital gains tax on the next year when I sell it? Also if I file early one year, say February, exercise my options, then sell my options the following March, and file afterwards, would I pay AMT? Capital Gains tax?
Asked Wednesday, September 06, 2023 by Stephen L.Sign in to Answer
Business Credit Card with Rewards
If a business credit card receives rewards - ie. flier points, cash back, etc - is the interest still able to be written off come tax time? To be clear, all purchases would be for the business, and I'm aware the rewards can't be deducted. I'm simply wondering if receiving rewards from purchases makes you ineligible to write off credit card interest.
Asked Wednesday, September 06, 2023 by Chaille C.Sign in to Answer
EV tax
Does the 7500 EV tax deduction apply to standard taxes as well?
Asked Wednesday, September 06, 2023 by Azi M.Sign in to Answer
Interest on retirement
I need help calculating interest on my retirement
Asked Wednesday, September 06, 2023 by Virginia D.Sign in to Answer
Can anything be done to reduce my 2022 tax bill?
I filed an extension for my 2022 taxes and my bill is quite high. I am wondering if there is anything I can do at this point in the year to reduce (e.g. cost segregation analysis)
Asked Wednesday, September 06, 2023 by Joe C.Sign in to Answer
Interest on retirement from IRS
I would like to know how interest is calculated on my retirement from the IRS
Asked Tuesday, September 05, 2023 by Virginia D.Sign in to Answer
What mileage can I claim?
I live and work in Minnesota. I have two jobs. For one, I work remotely. I am an employee, not a business owner. For the other, I work as a pet-care provider. I get a 1099. For some pet care work, I travel from my home to the client. For other work as a pet care provider, I travel between clients. May I only claim mileage traveled between clients on my taxes? Or can I also claim mileage from home to clients and home again?
Asked Tuesday, September 05, 2023 by Benjamin K.Sign in to Answer
Moved
We moved from Calif to Virginia, wife receives Calif employees pension, plus soc sec. File in Virginia? Calif?
Asked Tuesday, September 05, 2023 by Bernard D.Sign in to Answer