Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsInterest on retirement from IRS
Asked onTuesday, September 05, 2023 by VirginiaI would like to know how interest is calculated on my retirement from the IRS
What mileage can I claim?
Asked onTuesday, September 05, 2023 by BenjaminI 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?
Moved
Asked onTuesday, September 05, 2023 by BernardWe moved from Calif to Virginia, wife receives Calif employees pension, plus soc sec. File in Virginia? Calif?
If I were to start multiple small businesses should I have a different business account for each business?
Asked onTuesday, September 05, 2023 by LarissaI 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
Letting someone use my Uber eats account linked to my social
Asked onTuesday, September 05, 2023 by FHello. 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
S-Corp 1120-s m-2
Asked onTuesday, September 05, 2023 by ken1120-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?
Question
Asked onMonday, September 04, 2023 by JamesI 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
Inherited ira
Asked onMonday, September 04, 2023 by IgorI 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
IRA questions
Asked onMonday, September 04, 2023 by EalterIt’s been a tough year in business and was laid off. I am now collecting unemployment. I’ll be 68 in November and started collecting Social Security back in April. I need some advice on taking out funds from my small IRA.
Repayment of loan
Asked onSunday, September 03, 2023 by DennisIf a person repays a loan . Do you have to clam it as income?