Unanswered Tax Questions

Miscellaneous

business loaning money

I have one business that has been running since 2008. I have another business idea and want to start a second business. The business will make cash and I would like to know if the 2nd business can loan myself money payable at a lower rate than what I am paying on my credit cards ? I don't want to pay 19% if my second company can loan me at 4%. Is this wise ?

Personal Taxes

Federal EV Credit

Do you have to own the vehicle at the time of claiming the federal tax credit? I bought one earlier in the year and am considering switching my config because the math means I’m getting a very good deal to trade in my current car and get one from inventory. But this only works if I can claim the tax credit twice. The irs website doesn’t say anything about having to own the car at the time of claiming the credit, how could I confirm this one way or another?

Personal Taxes

Paying Capital Gains Tax from the selling of a second house I own

I currently own a house that I rent to a relative that has a mortgage of $34K and has an appraisal value of well over $100K. If I sell at the appraised value what would be my capital Gain? If I take an equity loan on the house for the maximum equity allowed, then I sell, what would be my Capital Gain?

Personal Taxes

California lottery winnings but am a South Carolina resident

If I earn $100,000 a year but win a $75,000 lottery ticket in California but am a South Carolina resident, how much do I pay in taxes on that lottery ticket?

Deductions and Write-Offs

W4 form

How to fill out W4 form

Payments and Penalties

Employer Taxes

I am an office manager trying to figure out what amount of taxes for payroll need to be paid, and I cannot for the life of me figure out each amount. Help please!

Home Ownership

Capital gains on selling the house

Hi, My husband passed away a couple of months ago this year. I heard that if I'll need to sell our house this year the tax exemption for capital gains would be $500,000 because I can still file jointly tax for 2023, is it correct? Does this exemption apply to 2024 and 2025? My taxable income each year isn't high, do I still have to pay capital gains on selling the house? Thank you for your help!!

Personal Taxes

Are shared household expenses considered income?

My adult children still live at home. My husband and I own the home and also reside in it. If we collect money from them to defray the cost of household expenses (such as groceries and utilities) would we be required to report that as income?

Personal Taxes

Capital Gains on sale of investment property

Deductions and Write-Offs

What happens to DCFSA funds if spouse is not seeking work

I set up a Dependent Care FSA with work to pay for childcare expenses. However my spouse is not working or seeking work, and so it seems like these expenses do not qualify. What happens to these funds? Are they all forfeited? Can I reimburse my expenses from the FSA but not claim the deduction? Thank you.