Unanswered Tax Questions

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Miscellaneous

401k loan

My wife wants to sign her 401k loan over to me. Is that ok ?

Asked Monday, July 17, 2023 by Dennis L.
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Tax Filing Tips

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.
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Personal Taxes

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.
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Personal Taxes

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.
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Retirement

Do ira distributions count towards annual max in regards to retirement benefits

I have recently retired early at 62. My benefit is half of what I was bringing in as earned income. My plan is to take withdrawals from my Ira to supplement my income. Is the Ira distribution figured into my max income for the year as far as messing with my retirement benefit? I'm a resident of ks.

Asked Monday, July 17, 2023 by Cynthia E.
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Personal Taxes

Trader's Tax Advantages as a Bona Fide Resident of Puerto Rico

Hello, I'm looking for advice from a tax firm that has expertise in taxation of futures' contracts, as relating to Puerto Rico tax laws. 1. Does a trader who trades futures' contracts for a living, declaring their earnings on a personal income tax, enjoy the federal capital tax gains exemption as a bona fide Puerto Rico resident? 2. If a trader also trades for a firm and gets a 1099 from that firm, will that trader enjoy any federal tax breaks as a bona fide Puerto Rico resident? 3. To enjoy capital gain tax breaks in Puerto Rico, do I need to make a $10,000 annual tax donation there and buy residential real estate within 2 years of moving? Are there any other requirements? 4. What will my local tax rate be for the 1099 earnings? Are they subject to 15% self employment tax in Puerto Rico? 4. Does your firm prepare tax returns for traders in my situation (futures traded under my personal name and a 1099 received from a trading firm)? How long have you been in business and what the estimated cost of my tax return would be? Thank you kindly for your response.

Asked Sunday, July 16, 2023 by MARTA S.
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Credits

Tax break / credit for AC upgrade in 2023.

If I update my home AC unit to a 16 SEER system this year, how much of a Tax break will I recieve? How about for a 14 SEER? I have read the IRS.gov pages about this, but it is not really clear to me what I would recieve... Thank you so much for the information!

Asked Sunday, July 16, 2023 by Vincent T.
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Business Formation

Advice on how two owners pay themselves from the business

I'm co-owning a business curious on the best way to pay myself and other advice on setting in place a system that helps me get the most taxes breaks.

Asked Friday, July 14, 2023 by Jamie M.
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Miscellaneous

inherited stocks JTWROS

My mother passed away in nov22 She had a raymond james brokerage account JTWROS Her and Me (her son). I understand that jtwros will only get a 50% step up in basis however, i thought there was an exception as i am not a spouse and never contributed to the joint account...?

Asked Friday, July 14, 2023 by Granger D.
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Credits

Ev Tax Credit

I am looking into purchasing an electric vehicle and have a question about the $7,500 tax credit. I know that it is a non refundable credit. Does this mean that anyone who would normally receive a refund at the end of the year would not benefit from the credit since we don’t have to pay anything?

Asked Friday, July 14, 2023 by Scott R.
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