Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsWhere can I hold my taxes due amount until its time to file?
Asked onTuesday, July 18, 2023 by SamanthaI 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
Do I have to pay taxes on a small class action settlement check? (less than $160)
Asked onTuesday, July 18, 2023 by MaryThis 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.
How do I handle Distributions?
Asked onTuesday, July 18, 2023 by PatrickI 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?
Do We need to pay any tax without active business with no income
Asked onTuesday, July 18, 2023 by UnalHello, 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
401k loan
Asked onMonday, July 17, 2023 by DennisMy wife wants to sign her 401k loan over to me. Is that ok ?
Single Member LLC
Asked onMonday, July 17, 2023 by DawnI 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.
Taxs question
Asked onMonday, July 17, 2023 by GavinI earn income by playing apps do I have to file taxes? If so, how
Why my refund is small amount after working so long
Asked onMonday, July 17, 2023 by SheratonJust 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
Do ira distributions count towards annual max in regards to retirement benefits
Asked onMonday, July 17, 2023 by CynthiaI 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.
Trader's Tax Advantages as a Bona Fide Resident of Puerto Rico
Asked onSunday, July 16, 2023 by MARTAHello, 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.