Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Non-tax stipends, end of year filing
I am a travel nurse and receive a non taxed stipends every week. I live and work in Pennsylvania. I've heard different amounts of time, but how long can I "travel" to one facility before being considered a full time employee and therefore need to pay taxes on that stipends? I've heard I just have to leave for a month before I can come back and work another 11 months and be ok. But I've also heard that is not correct.
Asked Tuesday, June 27, 2023 by Geneva J.Sign in to Answer
How to use my personal gift tax exemption
I heard every citizen or maybe even greencard holder has a gift tax exemption of $12.06M, is it right? I am thinking about giving a gift to my relative as a gift to his wedding, and the amount will be more than the annual gift tax exemption ($16K in 2022 I believe) . I believe some of them might involves with the gift tax exemption. I would like to know if I the giver (also the recipient) needs to tell IRS that I am using my gift tax exemption. What is the typical way to claim the gift tax exemption? Thank you. Johnson P.S.: please don;t call, SMS or email is preferred.
Asked Monday, June 26, 2023 by Johnson L.Sign in to Answer
Multiple Business Setups
I have several LLCs and a non-profit. I am trying to set up the business structure so that each of my companies can share resources . Is a CPA professional the right person to talk to about this?
Asked Monday, June 26, 2023 by Michael C.Sign in to Answer
Need help with W-4V form
How much taxes/percentage should be withheld for SS income? Right now it's my only source of income. I'm a single filer.
Asked Monday, June 26, 2023 by Carolyn B.Sign in to Answer
Can sole proprietorship OPEX be deducted against separate partnership K-1 income (same industry)?
Hi, I was wondering what the GAAP procedure would be for me to apply my sole proprietorship OPEX against Schedule K-1 income from a partnership. I maintain my sole proprietorship to retain ownership of my truck, tools, etc. and maintain a general liability and commercial auto insurance policy so my proprietorship remains viable in the event the partnership dissolves. We distribute net proceeds at the end of each project and our partnership agreement provides that we are each responsible for our own OPEX (COGS, with the exception of tools, is deducted from the contract amount to determine net proceeds). Essentially my partnership distributions go to me personally but my sole proprietorship bears the cost of allowing me to get to and complete my job responsibilities. Is it better (more accurate or preferred for tax reporting purposes) to record my sole proprietorship business overhead as a non-passive loss against my partnership Schedule K-1 income or should I invoice my business partner's LLC from my proprietorship for 50% of net proceeds per job and record it as income in my sole proprietorship? Thank you in advance for any professional opinion you can provide, Maurie
Asked Monday, June 26, 2023 by Maurie L.Sign in to Answer
What do i claim on my taxes
I’m married, my spouse and I both work, we file jointly, do we each claim 1 or 2 on our taxes?
Asked Monday, June 26, 2023 by Renee S.Sign in to Answer
Client pays me $100 per week for fuel
So I have a client that has me clean their home 5 days a week sometimes it's 3 or 4 days per week however they pay me $100 per week for fuel as they live 30 miles from where I live how does that work with their taxes and mine
Asked Sunday, June 25, 2023 by Alicia M.Sign in to Answer
EV federal tax credit
Hi all, I bought one new Rav4 toyota EV+hybrid+gas car in 2021, claimed $7,500 credit tax refund. I still keep that car now. If this year 2023 I buy a new Tesla model 3, will I still claim $7,500 credit when i do tax refund 2023. Thank you in advance.
Asked Sunday, June 25, 2023 by Tung D.Sign in to Answer
Retirement withdrawal
If I make $60000 how will it effect my return in 2024 if I withdraw $9000 from retirement
Asked Saturday, June 24, 2023 by Kenny B.Sign in to Answer
What forms do I need to file for the Recovery Rebate Credit ?
I received the first stimulus check in 2020 but not the second or third checks. Im confused as what I need to file in order to receive the Recovery Rebate Credit. Do I file 2020 and 2021 tax forms and mail them in? Or do I just file 2023 taxes? 2019 was the last year I filed taxes, will my rebate be based on that information? I need help, please I don't know what to do.
Asked Friday, June 23, 2023 by KATIE C.Sign in to Answer