Unanswered Tax Questions

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Retirement

Interest on retirement

I need help calculating interest on my retirement

Asked Wednesday, September 06, 2023 by Virginia D.
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Personal Taxes

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.
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Retirement

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.
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Miscellaneous

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.
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Frequently Asked Questions

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.
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Small Business

If I were to start multiple small businesses should I have a different business account for each business?

I have not started anything but am wondering for tax purposes if I should separate each small business I am trying to start in a different account to help keep track of taxes better

Asked Tuesday, September 05, 2023 by Larissa H.
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Miscellaneous

Letting someone use my Uber eats account linked to my social

Hello. To have details clear I have a job making about roughly 25-30k a year. Since last year I had a family friend who was in a pinch so I let him use my uber eats account as he could not use his. Your delivery account account is linked to your social so you have to file what’s made for taxes. Last year he made 7k which wasn’t an issue as I had job troubles But since may this year till now he’s made roughly 13k. So I’m worried about as those earning he’s made which I have to file and along with my job coming tax season. What will happen if I continue to let him use continue. Will I have to pay more in taxes as it will appear I’m making significantly more? Potential larger refund? Stop it immediately? Any feedback is valued. Thank you for your assistance

Asked Tuesday, September 05, 2023 by F R.
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Small Business

S-Corp 1120-s m-2

1120-s m-2 line 2, 6, 7 are all the same and fully distributed leaving line 8 as $0. How can single shareholder ever get capital contribution back if line 8 cannot be negative and all line 6 (net income) is passed-through on line 7? How can shareholder ever get a non-taxable return of capital, since this adds to Line 7 distribution amount making Line 8 negative?

Asked Tuesday, September 05, 2023 by ken s.
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Tax Filing Tips

Question

I am wanting to form an LLC. I am a semi professional bowler and I have been told that if I form an LLC that I would be able to write off bowling balls and bowling equipment as they would be considered part of my business, I’m wondering, is this true I would be trying to sell T-shirts as a small business

Asked Monday, September 04, 2023 by James R.
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Tax Filing Tips

Inherited ira

I inherited $5,500 traditional IRA from my dad. He passed away at age 74. I am the son and 51 years old What is the best way to approach this

Asked Monday, September 04, 2023 by Igor E.
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