Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
New job, starts 2 days before I turn 66.5
If I start a new job 2 days before my official retirement date. Will that work period be taxed at pre retirement rates or just the 2 days I worked prior to my official retirement date. Thanks
Asked Tuesday, July 18, 2023 by Deborah R.Sign in to Answer
Form W-4P help
I'm not sure what to put for step 2 line (b) I. Do I put my spouces income, she is still working, the lower amount of thr two of us or the combined income?
Asked Tuesday, July 18, 2023 by James S.Sign in to Answer
Where can I hold my taxes due amount until its time to file?
I know business tax is calculated on profit however If I would calculate my taxes due on profit each month where can I keep that "tax amount" while waiting to make the total payment to the IRS? Ex: Month of May income profit is $5000. estimated business tax would be 30% ($1500) where can i put the $1500 until time to pay taxes? Would like to not keep it in the business acct so that the business doesn't accidentally overspend on that money
Asked Tuesday, July 18, 2023 by Samantha F.Sign in to Answer
Do I have to pay taxes on a small class action settlement check? (less than $160)
This settlement was re machines in hospitals which dispense patient drugs. Never thought anything would come of this class action suit. The check I ended up getting is less than $160. Do I have to pay tax on this when I file my annual income tax in 2024?? Or is the amount considered trivial? That's what I'm hoping. Thanks for your input.
Asked Tuesday, July 18, 2023 by Mary N.Sign in to Answer
How do I handle Distributions?
I have an S Corp and have been using SurePayroll to pay myself 60% of my income using the 60-40 rule. I have not taken much distribution yet, but when I do, how should I do it? Should I use my payroll software? Or can I just ACH myself from my business bank account and note the dates and amounts?
Asked Tuesday, July 18, 2023 by Patrick C.Sign in to Answer
Do We need to pay any tax without active business with no income
Hello, We are a Turkish company and registered a new company in The US. We are not actively operating in US territory for now but We are not sure if We still need to file any tax? We do not know how to move forward with tax issues? If you could enlighten me I would really appreciate. Regards
Asked Tuesday, July 18, 2023 by Unal A.Sign in to Answer
401k loan
My wife wants to sign her 401k loan over to me. Is that ok ?
Asked Monday, July 17, 2023 by Dennis L.Sign in to Answer
Single Member LLC
I own an LLC in my name only. I file a joint tax return with my husband. Can I file a Schedule E for my rental properties, or do I have to file a different form? My husband is not in my LLC that is owner of the rental properties. I am in Michigan.
Asked Monday, July 17, 2023 by Dawn S.Sign in to Answer
Taxs question
I earn income by playing apps do I have to file taxes? If so, how
Asked Monday, July 17, 2023 by Gavin R.Sign in to Answer
Why my refund is small amount after working so long
Just wondering why I worked for so long and only said I would get 100 back this last year.just trying understand my refund status and why it's what it is and not more
Asked Monday, July 17, 2023 by Sheraton G.Sign in to Answer