Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Can I claim an EV tax credit for the year 2023 if I claimed one last year (2022)?
I bought an EV in 2022 and claimed the tax credit for that year. If I were to buy a brand new Tesla this year can I claim the credit again for this tax year?
Asked Wednesday, July 19, 2023 by Ryan P.Sign in to Answer
W-9 Form
Can I fill out a W-9 Form on the internet and email it to my employer?
Asked Wednesday, July 19, 2023 by George V.Sign in to Answer
Inheritance money gift to children
I inherited money not taxed because it came from property sale. How much can I gift my three adult children so we won’t be taxed and would there even be a tax on the property sold for inheritance?
Asked Wednesday, July 19, 2023 by Paula G.Sign in to Answer
Gift tax and outwards remittance
Are we taxed on money earned in US and sent to India account under same earner , like I earn in US and send money to my India account.
Asked Wednesday, July 19, 2023 by Devina D.Sign in to Answer
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