Unanswered Tax Questions
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Applying refunds to next year
I am getting a Massachusetts state tax refund this year. I moved to Texas for my job. Can I apply my state refund to federal taxes next year?
Asked Thursday, February 29, 2024 by Jack D.Sign in to Answer
Selling my secondhand items/collectibles
I am trying to figure out how to calculate, fill out, prepare for next tax year in regards to selling my own items (collectibles/second hand stuff)
Asked Thursday, February 29, 2024 by GIANNA P.Sign in to Answer
W8 or W9 for non-resident non-taxable sole prop owned LLC
I am a non-citizen, non-resident sole proprietor of an LLC. My LLC has an EIN, but no employees. I set up the LLC to be able to bill clients in the US for services rendered 100% remotely from overseas (not necessarily my home country). I am pretty confident I am not liable to pay taxes in the US for the income earned through the LLC because I did not have a substantial presence in the US (183 days in the past 3 years), and I do not operate an office or warehouse, sell any products or have any employees or sales agents in the country, so the revenue of the LLC is not "connected" to work done in the US. This month I decided to start billing my US client through my LLC this month and they came back to me with a W9 form. I wonder whether this is the form I should fill, as a US LLC, or rather as a non-taxable non-resident I should ask for a W8. In the second case, does this create some sort of reporting between the IRS and the authorities of my country? I understand this is professional CPA advise I am asking for, so I am totally willing to pay for a full consultation, and for further services.
Asked Tuesday, February 27, 2024 by Higini H.Sign in to Answer
Gross receipts
Should employee credit card tips we take in, but pay out to the employees be added to our gross receipts for the year?
Asked Monday, February 26, 2024 by Rob W.Sign in to Answer
how to properly use campaign funds
Can a candidate, say, someone running for President, utilize campaign donations to pay for their personal legal fees (legal fees that have nothing to do with the campaign), without personal tax implications? Or, would the funds used be considered as income, and if yes, what level of income tax would apply to this income?
Asked Monday, February 26, 2024 by Matthew F.Sign in to Answer
HSA Custodian is reporting excess but i had no excess contribution
Based on my records and my W2 for 2023 and from speaking to my employer i contributed the max to my HSA. However i received a letter from the HSA bank the custodian that i have excess contribution for 2023 so i have to take the excess out. How do i resolve this?
Asked Monday, February 26, 2024 by Judy A.Sign in to Answer
LLC for Which State?
Hello, May I ask a simple question about my business? I have been in business for about 3.5 years now, and my LLC is in North Carolina. The LLC has been dissolved for quite some time, and during the past two years I have been in Virginia. I have found much success after my business has been hacked and I will be paying to resolve my LLC. Before I do, I am wondering should I resolve my NC LLC or make a new one in Virginia? I have done two years of business of tax returns from North Carolina and all my accounts (shopping accounts, Shopify, Etsy, Ebay and Amazon) all have my NC LLC. It wouldn't be a big deal to change the LLC on these accounts, but I wanted to run this by an accountant before making my final decision regarding what LLC I should move forward with. Thank you!
Asked Sunday, February 25, 2024 by Carleah D.Sign in to Answer
Dual status tax paying
I have a query about filing tax returns for 2023. Some background information - I first entered the US in May 2022 as a J1 research scholar for a 1 year duration. I did not have any income and filed a form 8843 for the duration of Jun - Dec 2022. After completing my program, I transitioned to J1 Alien physician in Jun 2023. Does this mean that I have to file form 8843 for the duration of Jan-Jun 2023 and form 1040 from Jun-Dec 2023? And should I file 1040 or 1040-NR? Kindly help. Thank you
Asked Sunday, February 25, 2024 by Sanjana K.Sign in to Answer
Premium tax credit
My son has insurance through the affordable care act. He pays $42 a month. Apparently his employer pays $217 a month. When he did his taxes it took him through the premium tax credit, but it did not give him a credit. In fact, it increased his taxes by $399. His adjusted gross income is $31,728. Thank you.
Asked Sunday, February 25, 2024 by Catherine V.Sign in to Answer
Premium Tax Credit
I have health insurance thru the ACA. My employer contributed $217 monthly. I paid $42. My AGI is $31,728. I used free tax usa to file and it did the Premium Tax Credit but it increased my taxes my $399. Why? Also, I accidentally said no to the question about household members having insurance. Should I amend to fix that?
Asked Sunday, February 25, 2024 by Catherine V.Sign in to Answer