Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsMapquest says I can get a Reimbursement from the IRS for a trip?
Asked onThursday, August 17, 2023 by StevenI’m taking a trip from Arkansas to Idaho, so I got on Mapquest to look at different routes. Next to my route information is says “IRS Reimbursement: $1620”. What are the qualifications for this reimbursement? Does it have to be work-related or can you claim personal miles? Please explain.
Side Hustles
Asked onWednesday, August 16, 2023 by DeniseI am wondering about taxes for side hustles. If you get a refund from a regular job, how would a side hustle that brings in maybe a couple hundred dollars a month to help with expenses affect your refund? How would you even prepare taxes for this? Any information would be helpful. Thank you!
Form 8606
Asked onWednesday, August 16, 2023 by RicoI need to know when to file form 8606. I have a non deductible contribution to an IRA last year.
Form 8995
Asked onWednesday, August 16, 2023 by MaryAnnForm 8985 Section 199a w 2 wages. Is this actual income the party will receive?
Closing business in Texas, how do I notify the IRS?
Asked onWednesday, August 16, 2023 by MelissaI 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.
Estate Distributions Questions
Asked onWednesday, August 16, 2023 by CamilleHi, 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
Tax
Asked onTuesday, August 15, 2023 by BraydenOn 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?
Employee Educational Assistance Plan
Asked onTuesday, August 15, 2023 by Ronaldmulti 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?
International student
Asked onTuesday, August 15, 2023 by Kellia DivineHi, 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?
Selling my house
Asked onMonday, August 14, 2023 by JaniceI 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.