User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsBusiness have not produced income yet
Do I have to file quarterly if my business have not produced income yet? In PA
Asked onFriday, September 15, 2023 by JoycelynCPAs - Sign in to Answer
rental income between family members
My elderly parents moved into my house. They want to contribute what they would pay if they were having to rent on a monthly basis. Generally we share the whole house although everyone has meals and we eat together etc but we all have our own bedrooms. If they contribute a regular monthly amount which I use for joint expenses utilities and maintenance, costco runs for house supplies, some of their personal expenses like creating a garden for them etc, should I be declaring this as income. I may be paying for bigger capital things like a new deck next year as well. If they didn't contribute towards big things I would have income but I have have had large expenses like new sheds for storage and a new deck next year. Do I need to be declaring the monthly amount and tracking it? I don't want to track receipts unless I have to but I want to do the right thing.
Asked onFriday, September 15, 2023 by TasminCPAs - Sign in to Answer
Filed form by Fax with wrong DPI
Thanks for seeing my question. I am a Non US-Citizen, non Resident, who owns a US LLC. This LLC is a .Foreign-owned U.S. DE. I filed the forms 5472 and 1120 via Fax, through an online service. The IRS requires the DPI to be 300 or higher by fax for form 5472. But the maximum DPI the fax service sends is 200. What are my options now? Maybe I should mail it to the IRS with a letter explaining what happened? Thanks for your time.
Asked onFriday, September 15, 2023 by RafaelCPAs - Sign in to Answer
Solar tax credit
I was told by a solar company that if we finance to own a system that we would get a tax credit. If we didn't have a tax liability we could have the government put that money back Into the system. Is that correct
Asked onFriday, September 15, 2023 by DeborahCPAs - Sign in to Answer
Reducing Withholding Amount
My 18-yr old son began working his first full-time job about 6 weeks ago. He currently has 40% being withheld from his pay. How can he update his W-4 to reduce it to something around 15%?
Asked onThursday, September 14, 2023 by MarkCPAs - Sign in to Answer
1099 taxes
I did a one time consulting session and have a question as a 1099 in addition to normal federal income tax, do I need to pay Social Security and Medicare taxes on top of that, and if so, what percentage? Thank you. This was a one time consulting session..
Asked onThursday, September 14, 2023 by MIKECPAs - Sign in to Answer
My refund was sent to wrong bank and was cashed
My refund was sent to wrong bank and cashed
Asked onThursday, September 14, 2023 by TimCPAs - Sign in to Answer
Private School Scholarships
I want to enroll my child in a private school. The school is specifically designed for students with special needs and an IEP. I want to ask some local businesses to consider donating to a scholarship fund for him, and I want to find out how they could possibly do it as a tax deduction/write-off. We are in Georgia, if that makes a difference.
Asked onThursday, September 14, 2023 by CassandraCPAs - Sign in to Answer
What to do with crowdfunded money
I am crowdfuning for a theatrical production. Is it better for me to take the procedes of the campaign and give it to my producer or to keep the money in my LLC bank account and write checks as needed. If I give it all to my producer it will an investment.
Asked onThursday, September 14, 2023 by BrettCPAs - Sign in to Answer
Early withdrawal from Roth account
Hello. Thank you for you help with my question. So I had a simple ira acount from a previous employer that I rolled into a Roth account about 2.5 years ago. When I did this I paid taxes on the value of the account. I recently decided to withdraw the money from This account and close it. They just sent me the money, but they left a small amount in the account. The amount they left in the account is about 22.85% of the amount that the account grew since I rolled the money into it. My question is since I paid taxes in the money deposited in the account will I only have to pay taxes on the amount the account grew? Is that amount that they left in the account going towards those taxes? I believe they will send me a form so I can also pay the 10% penalty when I file my taxes next year. Thank you so much for your help
Asked onThursday, September 14, 2023 by JamesCPAs - Sign in to Answer