Unanswered Tax Questions
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Form 8995
Form 8985 Section 199a w 2 wages. Is this actual income the party will receive?
Asked Wednesday, August 16, 2023 by MaryAnn T.Sign in to Answer
Closing business in Texas, how do I notify the IRS?
I am closing my small business, sole proprietorship, no EIN #, working as DBA, no employees, keeping supplies to use as a hobby. Filed taxes for business & personal together earlier this year to meet April 15 deadline. Told 2 conflicting answers on how to alert IRS of closing, need confirmation? Also, when I file my 2023 taxes in 2024, do I include my small business one last time marking business will close on tax filing forms? Do I record my 2 small sales for 2023 and any expenses for 2023 at that time? Thank you for your time.
Asked Wednesday, August 16, 2023 by Melissa F.Sign in to Answer
Estate Distributions Questions
Hi, I have personally received an estate distribution from my dad’s estate. But it is a personal check written from the successor trustee’s personal bank account. It is in excess of $10,000. Is it ok to deposit and cash a handwritten check from a personal bank account as an estate distribution or should I request a check from my dad’s estate/trust checking account for the estate distribution? Does an estate payout require filing irs form 8300 or will the Schedule k1 form that will be filed at the end of the year by the Trust be sufficient? Thank you very much for any help or guidance. I’m so confused. Thank you, Camille S
Asked Wednesday, August 16, 2023 by Camille S.Sign in to Answer
Tax
On my self employment account "instacart", all of the money made is directly deposited into my father's bank account he keeps hold of the money. Come next tax season, whom will be responsible for taxing care of owed taxes?
Asked Tuesday, August 15, 2023 by Brayden b.Sign in to Answer
Employee Educational Assistance Plan
multi partner LLC taxed as S-corp wants to implement educational assistance program for tuition. can a partner of the LLC receive these benefits? how should they be paid and where reported on w2?
Asked Tuesday, August 15, 2023 by Ronald K.Sign in to Answer
International student
Hi, i would like to know what happens if an international student makes 100,000CAD a year from youtube? How much tax does the person pay?
Asked Tuesday, August 15, 2023 by Kellia Divine A.Sign in to Answer
Selling my house
I am in a payment arrangement with the state of MD for back taxes. There is another year old lien on my house which I am selling. The title company has asked about the lien pay off for the house only. MD is trying to make me pay the pay off amount for the payment arrangement and the lien for the house. The lien for the house is included in the payment arrangement. Can they do that? I have been consistently paying them on the payment arrangement.
Asked Monday, August 14, 2023 by Janice O.Sign in to Answer
custodial saving account (UGMA) account tax
I opened a custodial saving account (UGMA) account for my 9 years old daughter. I have two questions? 1- Can I file taxes under the minor name? 2- Can the tax owed on income generated within a custodial account be paid from the same account? or simply the account pay for itself, so i don't need to report it under my annual tax return.
Asked Monday, August 14, 2023 by Omid A.Sign in to Answer
Lawsuit Settlement
I received a settlement and would like to know, if it needs to be reported on my taxes. Thanks
Asked Monday, August 14, 2023 by Renate F.Sign in to Answer
Sale of home
If I sell my home how will this affect my widow’s pension
Asked Monday, August 14, 2023 by Betty W.Sign in to Answer