Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Salary for Holding company and subsidiary
If I own a LLC taxed as S corp holding company, that wholly owns an LLC, but I do therapy services for the subsidiary. Which company would pay me? The subsidiary or Holding company that I need to have a salary for? If it's the Holding company, does the subsidiary pay the parent company for services provided?
Asked Wednesday, July 26, 2023 by Anthony C.Sign in to Answer
Insurance
We received an insurance payment on a policy we did not use after 20 years. Why is this taxable
Asked Wednesday, July 26, 2023 by Cynthia A.Sign in to Answer
Inheritance/ estate tax
I inherited a portion of a home from my grandparents. If the other parties wish to buy me out of my part, is that considered taxable income. I am in WA state.
Asked Wednesday, July 26, 2023 by justin p.Sign in to Answer
Form 9465
I'm filling out a form 9465 bcuz I owe $ from 2021 and I got the letter the other day. My question is on the form line 2 it says the name of my business, I don't own a business. I'm just trying to set up my payment plan. I owe 1831.00 and can pay 100.00 a month.
Asked Wednesday, July 26, 2023 by Ann D.Sign in to Answer
Capital Gains When Selling a Home
I am thinking about selling my house before the two mark. I don’t plan on making $150K when selling my house. I’m also starting a new job in a different time zone closer to where my new job is located. Will I pay any capital gains when selling my house?
Asked Wednesday, July 26, 2023 by Aaron W.Sign in to Answer
Tax withholding
How much federal tax should be withheld from a pension check of $4000 @ age 65 and older?
Asked Tuesday, July 25, 2023 by Joan J.Sign in to Answer
Are life insurance premiums tax deductible?
A life insurance salesman sold me a new, pricier policy based on him telling me that the premiums would be tax deductible as a self employed independent contractor. But that isn't sitting right with me, and I just need an answer because if it's not true, I'm canceling the policy because it's too expensive. Thank you for any answers you can give!
Asked Tuesday, July 25, 2023 by Rachael P.Sign in to Answer
Taxes, Registration, Tax Exemption..
Hello- I run a sign shop in Rhode Island as a Sole Proprietor and I have a few questions. I'm registered as a dba with my city. Do I need to register with the state? Should I be paying taxes on materials I purchase to manufacture my signs? Also, should I be charging tax to my end clients? Some of those clients are cafes and bars, while others are singular collectors. Thank you SO much in advance
Asked Tuesday, July 25, 2023 by Andrew K.Sign in to Answer
I'm self employed (independent contractor)My schedule c form was not considered.
Why I didn't get a refund for any of my expenses. If My self employed expenses exceed my wages am I entitled a refund.
Asked Tuesday, July 25, 2023 by Taurean B.Sign in to Answer
Closing an S-Corp
I need help to close an s-corp that was created but the business never opened. I know that I have to file two things but I am at a loss. Any help would be appreciated. I don't have any expenses or revenues attached to the business.
Asked Monday, July 24, 2023 by Catherine B.Sign in to Answer