Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsInheritance money gift to children
Asked onWednesday, July 19, 2023 by PaulaI 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?
Gift tax and outwards remittance
Asked onWednesday, July 19, 2023 by DevinaAre 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.
New job, starts 2 days before I turn 66.5
Asked onTuesday, July 18, 2023 by DeborahIf 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
Form W-4P help
Asked onTuesday, July 18, 2023 by JamesI'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?
Where 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.