Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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W-9 form info
Hello, my business is registered in Texas but I live in Texas and Florida. I just got married and started renting a home in Florida, and my drivers license ID was changed to Florida. The Florida ID has my new name, and when I went into my bank in Texas and changed my name, they changed my w-9 form to my Florida address to match my ID. Will this change or impact anything related to my business being registered in Texas? Is there anything I should be concerned about? Thank you
Asked Monday, August 07, 2023 by Kelly G.Sign in to Answer
Taxes on CD
I do not work and have zero income. My bank CD yields $60,000. What amount in taxes do I pay if I live in MA? What if I live in NH?
Asked Monday, August 07, 2023 by George J.Sign in to Answer
LLC to sole proprietor on my taxes
How do I change from an LLC to a Sole Proprietor? I want to pay myself and keep the rest in my business checking account.
Asked Monday, August 07, 2023 by Holly D.Sign in to Answer
self employed
Hi If i do a job for a home owner can they give me a 1099 at the end of the year? and if i do a job for a real estate firm like carpentry work can the give me a 1099?
Asked Monday, August 07, 2023 by Steven C.Sign in to Answer
Head of household filing status
Have been filing head of household. Have been separated from spouse for twenty years
Asked Monday, August 07, 2023 by Valerie M.Sign in to Answer
Doubledown class action settlement
Are the settlement payments from the Doubledown class action settlement taxable as they are a refund of payments from an illegal gambling game? Case settled 6/1/23.
Asked Sunday, August 06, 2023 by Donna A.Sign in to Answer
Short term capita gain taxes
Hello, Reddit friends I am a student and new to investing. Wanted to earn some extra money and wanted to know if I frequently buy and sell the same stock for 30 period how do the tax rules imply on tax gain? Just giving an example below: APL stock bought at 30 and sold at 40, 10 shares at profit of $ 100 APL stock again bought at 45 and sold at 60, total gain for 10 shares at 150 APL stock again bought at 62 but sold at 82 for gain $ 200 For 30 days, total gain= $ 450 Additional questions: -So it's for same stock and within 30 days frame so how much tax will I pay? -Cost is based on each order cost basis or always $30 dollar cost will be calculated for capital gain, all shares were sold before buying new ones. - As there is no loss, I assume wash sale tax doesn’t matter here?
Asked Sunday, August 06, 2023 by Mohona D.Sign in to Answer
What aspects are needed to open llc properly to avoid issues in the long run?
Hello I would like to know what things besides ein and maybe the operating agreement does one need when setting up an llc for forex day trading? For example, virtual addresses, good standing papers, business liscencing papers and things of those sorts. What parts do I need for when I’m trying to open an llc?
Asked Saturday, August 05, 2023 by Kheandre S.Sign in to Answer
Binary Options
I am looking into binary options trading via a broker and I am hearing conflicting information as far as taxes on any profits. What I’m being told is the broker pays the taxes and reports it to the IRS on my behalf , but how to I report it when I am doing my personal taxes?
Asked Saturday, August 05, 2023 by Jennifer N.Sign in to Answer
Social security income taxable?
My mother is 91 and the only income she receives is social security. Does she have to pay tax on that or file a return? Thanks.
Asked Friday, August 04, 2023 by william t.Sign in to Answer