Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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
Invoice
HOA lawn vendor has not billed the entire year through 06/30/23 property manager says they have computer problems. What do you think the real problem could be
Asked Monday, July 24, 2023 by Bill H.Sign in to Answer
How much Tax exemptions
Hi I just received my first pay check and ended paying over 700 in Federal taxes. Every coworker is saying i need to adjust my tax exemptions. I put 0, I believe, since that is what I always did. I did have a baby since and parents moved in with me.
Asked Monday, July 24, 2023 by Rebekah C.Sign in to Answer
Filing late tax return - tax years 2021-2022
My 35 year old divorced son has been unemployed for probably the past 30-36 months. He has had personal issues due to the divorce and loss of contact with his children. He has not filed return for the past 2 years at least and has been incarcerated for the past 90 days but is currently released to us on a ancle bracelet. I was wondering if there was any way to file for tax years 2021 and 2022 and get some of the covid related rebates or would his filing those returns get him in more trouble? We live in New Mexico.
Asked Saturday, July 22, 2023 by VINCENT O.Sign in to Answer
Do I need to fill out a 5000a in Arizona to buy inventory and sell on Amazon
I’m confused on how selling on Amazon works and I just want to make sure I follow the proper procedures, I already have an LLC but I want to use it in order to sell on Amazon
Asked Saturday, July 22, 2023 by Erick M.Sign in to Answer
Can the IRS go after an account with a POD beneficiary
I have Bank accounts that I want to add my brother to as a Payable on Death (POD) beneficiary. I understand that POD beneficiaries do not have access to the account until the account owner dies, however, while the account holder is alive, if the POD beneficiary owes back taxes, can the IRS come after the assets of the LIVING account owner?
Asked Friday, July 21, 2023 by Korey S.Sign in to Answer